What’s the difference between landlord and homeowner’s insurance?
A homeowner’s insurance policy covers the property owner’s main residence, along with its contents, detached structures, and liability for the owner and their spouse and dependents. A homeowner’s insurance policy doesn’t cover rental units.
A landlord insurance policy covers the property owner’s rental properties. Whether it’s a basement unit, a room on the main floor, or a separate rental house, landlord insurance protects landlords and their properties against accidental damages, covered perils, and liabilities. For example, if a tenant accidentally causes a fire that burns down the kitchen, landlord insurance covers repair costs and lost rental income while the unit is uninhabitable.
How do I claim my landlord’s insurance?
Your insurance company will provide you with a landlord insurance policy that fits your coverage needs and budget. If you need to file a claim on your landlord insurance, contact your insurance company to submit a claim. You’ll need to provide information, such as proof of the damage, the total value of the damage, and receipts of any home upgrades required.
Some reasons where you’ll want to file a claim:
- Your unit was damaged by the weather, fire, burglary, or vandalism.
- A tenant caused significant damage to your rental unit.
- A visitor or tenant is injured.
- A tenant files a lawsuit for injuries sustained or property damage.
- Your unit is temporarily uninhabitable while under repairs.
Does landlord insurance cover vacancy for a rental property?
Vacant home insurance is generally only needed if the rental property is expected to stay unoccupied for an extended period with no tenants and sometimes no belongings. Landlords might have vacant home insurance if they’re planning on selling their rental properties. It’s generally more expensive than standard landlord insurance because vacant homes pose a greater risk to insure.
Does landlord insurance cover tenant damage?
Landlord insurance is meant to cover your rental properties from covered perils, such as bad weather or accidental damage like a burst pipe or broken HVAC system. Your landlord insurance policy might cover accidental damage caused by your tenants, such as if they accidentally cause a kitchen fire that destroys the appliances, the walls, and the flooring. It helps pay for costs of repairs, structural replacements, and lost rental income while the rental property is being fixed or rebuilt.
On the other hand, your landlord insurance policy won’t cover intentional damages, wear and tear, and maintenance issues. For example, if your tenant steals from your rental property, puts a hole into the wall, or breaks a piece of furniture. You could retain their security deposit or make them pay as outlined in their rental agreement or lease, but your insurance company won’t cover repairs or any costs for the damages.
Protect Your London Rental Property with Landlord Insurance
Whether you own one rental property or multiple properties, landlord insurance is always important for protecting your units against financial loss from covered perils and unintentional accidents.
Purchasing landlord insurance is easy with the help of Insurance Hero. The insurance specialists will support you throughout the process to answer any questions you have and find the right insurance plan. We help you save money and time by giving you the quotes and information you need to make a smart and informed choice.
Insurance Hero partners with many leading insurance companies, so you can compare the different plans offered and choose what’s best for you. All you need to do is submit your information using our online form or calls us at 1 (855) 777 4376 to get your quote today.