Important Things That You Should Remember About Rental Property Insurance

By Author: Rider Insurance
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Rental property insurance or landlord insurance policy is a special type of home insurance policy that covers the financial losses of your rental properties. Landlord insurance or rental property provides many coverage options including property damage, liability costs, loss of rental income, etc. Whether you are renting out a home for vacation or renting a house for investment property having rental property insurance or landlord insurance is imperative to minimize the financial risk.

Rider insurance is one of the most trusted and reliable Insurance agencies that offer landlord insurance or rental property insurance in Maryland. Having the right rental property insurance or landlord insurance policy can help you protect yourself against the financial risk related to your tenants living on your property.
Therefore, it’s imperative to invest in good rental property insurance or landlord insurance policy.

What type of coverage does rental property insurance provide?

Well, rental property insurance coverage varies. However, some basic things always ...
... remain the same.

Let’s dive into some coverage options that rental property insurance provides:

Dwelling Coverage

It is quite similar to homeowners’ insurance. Rental property insurance or landlord insurance policy provides coverage for physical damage to your dwelling which implies that it will provide you coverage against the structural damage to your home or apartment. Rental property insurance covers damage to your roof and walls but not household items of your tenant.

Liability Coverage

Landlord insurance or rental property insurance provides coverage against legal and medical costs. In simple terms, if any visitor or your tenant got injured on your property then rental property insurance coverage of all the legal and medical costs. The best part is that you can increase the limit of your coverage. In fact, investing in umbrella insurance for your rental property is a great idea. So what are you waiting for? Invest in good rental property insurance or landlord insurance policy for your property.

Coverage for the Landlord’s Personal Property

Rental property insurance offers coverage for the landlord's personal property. For example, if your house is damaged by an equipment fire then the damage to your house and that equipment will be covered by your rental property insurance policy. Clearly equipment that can damage your home is covered by the rental property insurance policy.

Loss-of-Rent Coverage

The rental insurance policy provides protection against rent payments as well. This is a type of rent guarantee insurance. You can even extend this coverage option for a defined period of time like 12 months and more.

Here are a few things that rental property insurance does not cover:

Shared Property

Renting out a spare bedroom or sharing a home is not covered under a rental property insurance or landlord property insurance policy. In order to get this, you need to discuss this with your insurance agency.

Flood or Earthquake Damage

If your property gets damaged due to any natural disaster, then the damage is not covered under the landlord's insurance policy.

Rider Insurance is an independent insurance agency in Maryland, USA. We are dedicated to providing commercial auto insurance, liability insurance, vehicle insurance, business insurance, personal umbrella insurance and more.