When you take out landlord insurance, you are protecting yourself against losses at your property. You need to have insurance to protect the building and the units themselves. You will notice that it is much easier to protect yourself when you get an insurance policy specific to every building. As the landlord, you are not protecting your tenants, but you are protecting yourself should damage occur at your property. Your tenants should have renters to cover the loss of their personal property, but landlord insurance will cover your property should something happen.
Everyone who owns rental property must make sure that they have the landlord’s insurance they need for the building. They have to have protection against their tenants, and they need to be protected in case of a disaster or loss. You will not be surprised that the tenants need their own insurance, just like you need these policies for every building you own.
If there is damage done to the building and you have to file a claim on the policy, you are going to file for the building and anything you own in it such as washers, dryers, and other appliances. The tenants will then have to file with their own insurance, but you can begin to rebuild with your payout. When the adjuster comes to the property, they will only look at things you own. There are many things that you can do to rebuild, and this insurance policy is supposed to cover that. You can only get these policies based on the value of the property that you own. The insurance company will cover the value of the property, and they will take out riders for special items that you have on the property. You cannot get more coverage over the value of the house or building.
When you get a landlord insurance policy, you are going to be protected when you rent out the properties you own. You need to make sure that these policies are in effect at all times because they protect you when you have other people living in the space. You must make sure the building is insured so that you can rent to your tenants with confidence. To learn more about this type of insurance or to get a free quote, contact your Allstate insurance agent today and ask about landlord insurance.