FRIDAY, AUGUST 18, 2023
Individuals engaged in renting out a property may enjoy potentially lucrative earnings. But property ownership and rental management may include many risks and exposures, such as property damage, tenant disputes and incidents involving third parties. Even the most experienced and diligent landlords may eventually be involved in an incident from which they could experience substantial financial repercussions. As such, an adequate landlord insurance policy should be considered a top priority.
Understanding Landlord Insurance
Landlord insurance may serve as a critical financial safeguard for property proprietors and their rental assets. These policies, also known as rental property insurance, may form a versatile financial safety net against an assortment of potential incidents, such as fires, theft and hail. Like many types of insurance, landlord coverage is retained through regular (e.g., monthly) premiums and may provide financial assistance in the wake of incidents that might otherwise lead to devastating out-of-pocket losses. 
What Landlord Insurance Covers
Landlord insurance typically provides multifaceted coverage capable of insulating policyholders from several types of financial losses. While the exact details, capabilities and limitations of policies may vary, the following features are often included:
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Property damage coverage—This component of landlord insurance may encompass the structural elements of rental properties, as well as possessions left at the property by the policyholder, including furnishings, appliances and maintenance equipment (e.g., lawnmowers and snowblowers).
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Landlord liability coverage—A landlord liability insurance policy may provide financial protection from at-fault incidents from which a third party, including tenants, visitors and passersby, accrue losses.
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Loss-of-use coverage—This coverage may help landlords recoup lost or reduced earnings if a covered incident renders a rental property temporarily uninhabitable and therefore unable to be rented.
Landlord Insurance Requirements
There are generally no laws mandating landlord insurance for rental properties. However, lenders may require property owners to maintain minimum levels of coverage throughout the duration of a mortgage or loan. Even in the absence of requirements, landlord insurance should be prioritized to secure financial protection from various perils. Landlords should also be aware that homeowners insurance typically does not provide coverage while a property is being rented.
Get the Right Coverage
At Slyman Insurance Group, our dedicated staff has served businesses, families and individuals throughout central and southeastern Ohio for over 40 years. Our agents will utilize this extensive knowledge and experience to assess your landlord insurance needs and procure ideal policies. Contact us today to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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