Property damage covers damage that occurs to your buildings and personal property. This includes damage due to fire, storm damage, theft, vandalism, and tenant damage. Ideally, your insurance will cover the replacements costs for your entire rental property in the case of a total loss.
Liability insurance protects you against lawsuits and liability claims and will help you cover the costs associated with bodily injury claims on your property such as medical payments, funeral costs, legal fees, and judgment or settlement costs. It also will cover you in the case you are found responsible for damaging another person’s property. For example, if you neglect to fix a leaking water pipe and it causes mold damage to destroy parts of a tenant’s personal property, a liability claim can be filed against you.
Loss of income
Loss of income helps compensate for your lost income if your rental property becomes uninhabitable due to a covered loss such as a fire or damage from a storm. Your rental reimbursement, or your loss of income coverage, will prevent you from losing the income you would be making if you were still collecting rent.
Besides everything listed above, there is also additional coverage you can buy as a landlord such as rent guarantee insurance, natural disaster insurance, employer liability insurance and landlord contents insurance. Additional coverage options can help cover your personal property items such as furnishings or carpet in the rental property.
For more information or to get any questions answered contact our independent agents by phone at 415-386-2283 or by email at [email protected]