Get The Best Landlord Liability Insurance For You

If you are planning to sojourn into the business that involves being a landlord, you want to make sure that you are starting on the right path. Or if you are already one, you might want to assess if your property has the right coverage. No matter which case you belong, being a landlord is a challenging role that needs to be taken seriously.

Taking shortcuts and skipping valuable procedures can transform your ultimate dream of being a real estate tycoon into a monetary distress. Landlord Liability Insurance is very essential since it maintains your property renting game at its highest peak. You can contact a freestanding insurance agent to deal with all the work regarding the coverage that you need. They will also research about potential policy options and costs that will secure you from unforeseen lawsuits and issues.

Landlord Liability Insurance

Generally, a landlord liability insurance is your safety net against any financial damages that you might experience in case a visitor or resident attempt to sue you for particular damages. These damages can come in different forms. It can be a financial problem, emotional offence, physical injury, or even worse, death.

Coverage of Landlord Liability Insurance

Landlord liability insurance is here to safeguard you. It’s readily available to rescue you, should all your legal expenses, as well as expensive medical fees. Similar to bug bites, the attribute of legal claims is not one size fits all. In fact, it comes in different forms. These include anything from falls and slip, theft, property damage, and many others. Due to this, the coverage will shoulder the expenses that comes with your legal defence, even if you are guilty or not.

When you are managing rental property, it goes beyond giving your tenants the key to their rental unit. It is not as simple as it looks. You need to incorporate maintenance and safety measures, on the rental property as well as add reliable security systems all over your premises. However, despite these investment to protect your residents and their personal property, there are incidents that can’t be avoided. Here are several situations that you should look out for:

• A resident accidentally falls on a cheapjack sidewalk

• Staircase railing gives up, dispatching a tenant at the ground floor on their back

• A thief manages to sneak in since the locks installed were all bargain-basement

• Black mold is appearing all over the property and guests are suffering from serious medical conditions

• A guest is forced to leave his/her unit without due process

• A resident wasn’t allowed to rent, sues you under grounds of discrimination

Since liability situations come in many forms, with most of them being unforeseen, the need to get proper coverage is highly-recommended. This will protect you from whatever claim your guest or tenant will throw at you by virtue of their renter insurance. Pro tip: make sure you upgrade your coverage by improving your landlord liability policy via an umbrella policy. You can also ask about covered loss and other homeowners protection clauses.

Renter’s Insurance vs Liability Insurance

As a landlord, you might want your tenants to invest in a renter’s insurance as a contingency in the lease agreement – though it is not legally required to do so. However, it is a smart move. It will help you guarantee that if something bad happens, it will instantly be addressed. But what really falls under the landlord’s responsibility and the tenant’s? Actually, this aspect is pretty complicated. Here are several examples:

• Dog bite – when a guest happens to be bitten by a dog, he/she can sue the landlord under grounds of medical damages, emotional torment, and many others. However, when the lease agreement states that no dogs are more than 10 pounds are allowed and it was a huge Great Dane that bit the guest, the responsibility will be transferred to the tenant.

• Fight – if a tenant is attacked by someone that lives on the building, the fault would fall on the person who assaulted the tenant, right? Wrong. If the locks to the main door of the unit is low-quality, the fault would be blamed to the landlord.

Landlord Insurance: Is it legally required?

If you have a loan, maybe. But if you don’t, then it’s not mandatory. There is no law that requires property owners to get this kind of policy. However, the benefits of having such insurance is enough reason to purchase it.

Why You Should Invest in Insurance for Landlords?

Honestly speaking, you should buy a landlord liability insurance because these days, anyone can sue anybody for endless reasons. And once the jury thinks that you could’ve done better to safeguard your guests, you are up for some serious financial distress. And even if the claim is still in your favor, defending yourself in court will also cost you a lot of money. Being a landlord will expose you to different kinds of risks and you should be smart enough to protect yourself against it.

Cost of Landlords Insurance

The cost of landlord liability insurance depends on many factors, including the following:

• The location of the building

• The construction

• The amenities and facilities

• The kind of business operation

• And many more

Just like in most cases, it is vital to sit down and talk to your insurance agent about your situation. This will help them know your property and help you create a policy that is specifically designed to fit your needs. They are talented like that.

How to Compare Landlord Liability Insurance Price

With the help of freestanding insurance agents, you’ll be able to assess which kind of landlord insurance works best for you. They will also compare prices and policies from different insurance providers to guarantee that you and your tenants will be given the appropriate protection. 

Other Advantages of Hiring a Freestanding Agent

Insurance policies are tricky and comparing multiple options can be a daunting task. A freestanding insurance agent will help you make the process easier. They will ensure that you obtain the appropriate rental insurance that is tailored to your personal requirements. They will also break down difficult jargon and explain every details of the insurance in simple and understandable language.