Some insurance companies offer home insurance policies that specifically cover the needs of landlords, which is referred to as landlord house insurance. The point of this insurance is to help the property owner cover maintenance costs of a rental home while it is occupied by tenants, as repairs that involve plumbing, roofing, heating, air conditioning, and appliances can all be costly. Tenants can help keep down the costs of landlord house insurance by immediately reporting maintenance problems or safety issues, as keeping the home in good repair can lower premiums. This kind of coverage can make renting out a home less financially risky than usual.
Most landlord house insurance covers major repairs that may be necessary while renting out the house, which means that if a storm causes damage to the roof or windows, it will likely be covered by the policy. In many cases, the insurance can also cover any rent that is lost during repairs, as tenants sometimes need to relocate temporarily while parts of the home are fixed. If the home comes furnished, it is usually possible to insure its contents, as well, such as furniture, appliances, and décor. Additionally, many landlord house insurance policies also pay for legal expenses if it is necessary to evict a tenant. Such coverage may offer peace of mind to property owners, as the fear of these unexpected expenses often keep homeowners from renting out their house.
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There is additional coverage that is usually available so that nearly any occasion is covered by landlord house insurance. For example, a tenant may wish to sue the owner of a rental home for injuries allegedly due to a safety hazard in the home. In this case, the addition of liability coverage to the policy may protect the landlord from a lawsuit. In addition, extra landlord house insurance coverage may help pay for emergency repairs to the electrical, gas, heating, or hot water systems, as well as air conditioning, plumbing, or roofing issues that need to be fixed fast.
It is typically possible to reduce the insurance premium cost, which may allow a landlord to get the basic coverage for a low price, or add extra coverage without going over the budget. One way to do so is to add security measures, such as a burglar alarm or deadbolts. It is also important to make sure that the smoke alarms on the property work. Additionally, visiting the property often to ensure that any safety issues are taken care of can be a good way to keep landlord house insurance claims and premium costs at a minimum.