As a landlord renting out your investment property, we know you’ve got a lot on your mind. Finding the right tenants, keeping up with repairs, the list goes on and on. Your homeowner’s insurance may have exclusions and looking into landlord insurance you’ll have one less thing to worry about.  Landlord insurance protects your property from damages and you from losing income should covered damages make your property unlivable.

When looking for quotes, the basics should cover

• Your rental property, other structures on the property – such as sheds, garages, etc.
• Your personal belongings that are left on the premises – such as microwaves, washers and dryers being used by your tenants. Even tools you keep handy for repairs.

Making your coverage, property specific
Owning an investment property presents specific insurance issues that can be tailored to your needs. Landlord insurance coverage’s include:

• Liability – if a claim is made against you for accidental damage in relation to your investment property, your insurance company will defend those claims, and pay those claims for which you are legally responsible, up to your policy limits.
• Fair Rental Value – if your property is deemed unlivable due to a covered loss, your insurance company should reimburse you for the income you’ll lose because your tenants will no longer be paying you rent.
• Inflation Protection – the cost of making repairs is increasing every day. With Inflation Protection Coverage, your insurance should automatically adjust your policy limits to keep pace with inflation.

You can purchase landlords insurance through several carriers, if you have more than one property ask for a price break when obtaining quotes.  You can even contact your current homeowner’s insurance provider to see if they can offer additional coverage to cover these bases, rather than changing carriers.

Here at JLA Real Estate Group we help you cover all the bases when renting out your home and most importantly we are licensed to do so.