How Landlord Insurance Differs From Home Insurance

​There are many kinds of insurance, but it doesn't mean you should apply for it all. Landlord insurance, however, is one that property owners should have. If you have tenants renting your place, it's a sign that you need this kind of insurance. There are many coverages it has in comparison with home insurance.

Only for Rental Owners
Applying for this insurance is advisable for people with extra property, such as a building for renting purposes. The assistance will be different because benefits will cover other people residing in your place. Some of the benefits include maintenance costs and fees for late payments. Moreover, having this will help protect your possessions like furniture that you've left on the property.

Covers Many Properties
You can use landlord insurance for a single property and expand it afterward when needed. This move depends on the person's preference. You can buy insurance for your properties one by one if you're still exploring your options. Renting spaces will have different needs, so this is understandable.

Can be Paired With Renter's Insurance Policy
Communicating with your tenants will be vital because they'll be the ones residing at your place. You can encourage them to buy renter's insurance for their benefit. Although it won't do much for the property, it'll help them financially in the long term in case they cause damage. Since this isn't mandatory, some landlords have added this to the lease agreement.
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Additional Covers
There are a lot of additional policies under landowner insurance. Legal matters concerning your tenants would be one of the things that you'll find under this plan. It can involve property damage, injury, and even house evictions. When your place becomes inhabitable for a long time, receiving insurance becomes possible. Landowner insurance can also protect you if an accident happens on your property. 

In Summary
Home insurance won't be sufficient once you start having a place for rent. Landowner insurance covers a scope of benefits that you won't find in home insurance. It's applicable when owning many properties and coordinating with tenants. 

At Hayek Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (805) 496-8835. Get your free quote today by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agents today to ensure that your needs are being met and learn more about your policy. We are happy to help!