Landlord insurance is a form of insurance that protects a commercial property owner’s investments from the risk of loss or damage. Ordinarily, such insurance only covers the building structure, but the coverage can be extended to include personal property inside the structure.
There are several benefits in obtaining this kind of insurance protection. Landlord's insurance typically covers damage or loss due to fire, flooding, earthquake, explosion, and the like. Property is an asset that a landlord’s source of income, so having the correct insurance coverage can safeguard his or her future income and all previous investments already poured into the property.
Beyond property loss or damage, landlords also often risk the loss of income, due to non-payment of rentals or a breach of the rental agreement by the tenant. Landlord's insurance will help to assuage your concerns and help provide you the peace of mind by including rental insurance. Rest easy, knowing that your rental income is safely covered.
It is quite possible that repairs will take time, and will force you to give up rentals for that time period. Landlord's insurance can compensate you for your foregone rental income, as well as cover the cost of repair or replacement of the damaged property.
Although landlord's insurance does not protect the tenant's personal property, such a policy nevertheless provides for some protection, as it would cover loss or damage sustained by the tenant due to some fault of the landowner. This is mutually beneficial, as the tenant may recover the value of what was lost or damaged, while the landlord incurs minimal cost.
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