Landlord insurance, also known as rental property insurance, is a type of insurance policy designed for individuals who own and rent out residential or commercial properties. It provides financial protection in case of unexpected events or disasters, such as fire, natural disasters, theft, or liability claims.
Landlord insurance policies typically cover the structure of the rental property, as well as any personal property that is used to maintain the property, such as tools, equipment, and appliances. It may also provide liability coverage, which protects the landlord in case someone is injured on the property or if the landlord is held responsible for damage to someone else’s property. Liability coverage can also help cover legal fees and damages if the landlord is sued.
Additionally, landlord insurance may include coverage for loss of rental income if the property becomes uninhabitable due to a covered event. This can help landlords recover lost income while repairs are being made to the property.
It is important for landlords to carefully review their policy and understand the coverage and limitations before purchasing one.
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