How much does landlord insurance cost per month?
Landlord insurance could cost anywhere from $20 to $100 each month on average. Insurance premiums largely depend on what type of landlord insurance you want (residential, short-term, or commercial), how much coverage you need, the primary purpose of the rental unit, the size of the building, etc.
Is it worth getting landlord insurance?
Many landlords rely on rental properties as an investment and additional cash flow. Rental units could be hard to manage because you can’t directly monitor your tenants and ensure the security of your properties. Although you might implement great safety measured, landlord insurance provides extra peace of mind for any property owner. Landlord insurance protects property owners and their properties and their personal belongings used to operate the rentals. Whether it’s an accidental fire, an injured visitor, or snow melt-off entering the basements, landlord insurance helps cover repairs, medical costs, and loss of rental income.
What’s the difference between homeowner’s insurance and landlord insurance?
A standard homeowner’s insurance policy only covers the property owner’s primary residence where they live alone or with their family. It protects the property owner and their spouse and dependents against covered perils, liability, and accidental damages. For example, if someone breaks into their home and steals many valuable items. However, a homeowner’s insurance policy doesn’t cover damages and financial loss to any rental or investment properties.
If you have any rental properties, regardless if you rent them out to long-term or short-term tenants, it’s wise to purchase landlord insurance. Landlord insurance provides coverage for any rental properties, such as basement units, condos, apartment buildings, Airbnb, or student rentals. It covers accidental damages, the owner’s belongings used to operate the rental units, equipment on the property, visitor and tenant injuries, and loss of rental income.
Is rental property insurance mandatory?
Rental property insurance isn’t required by law but is strongly recommended for anyone that owns rental rooms or buildings. Landlords might require tenants to purchase tenant’s insurance under the rental agreement or lease to cover their valuables in case of any damages. However, it’s still encouraged that all landlords purchase rental property insurance to protect themselves and their properties against liability and accidents. Otherwise, damages could be a huge financial loss for any property owner.
Why get landlord insurance?
Rental properties can be a great source of extra income. To ensure positive cash flow, property owners are encouraged to purchase landlord insurance as protection against financial loss. Since you can’t know everything about your tenants nor monitor your properties 24/7, you can’t always manage the risks of renting out properties. Landlord insurance ensures that you’re protected against liability and damages that you can’t control. It ensures you don’t have to pay the full cost of the damage, which could be very costly to pay on your own.
Get the Answers to All Your Insurance Questions
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 call us at 1 (855) 777 4376 to get your quote today.