If you rent out a residential home or multifamily property, landlord insurance can protect you from financial losses stemming from fire, robbery, or even storm damage. To ensure proper coverage, it’s essential you understand the options available to you. Below, the property insurance agents at K.L. Smith Agency in Willimantic, CT, share a few things you should know about insuring your rental property.

What Does Landlord Insurance Cover?

While coverage will vary according to your individual property and needs, a landlord insurance policy will often offer protection from the following:

• Property Damage: Should your property suffer damage due to a storm, fire, vandalism, or tenants, your policy will cover the cost of replacement. Coverage also applies in cases of total property loss.
• Liability: If a tenant, guest, or trespasser suffers an injury on your property, you may be liable for the damages. Liability coverage protects you from these types of legal entanglements and helps cover the associated expenses.
•  Loss of Income: This coverage can provide compensation in a situation where your property becomes uninhabitable, which is especially helpful if you were renting a multifamily property. This alternative income can help you make ends meet while overseeing repairs and renovations following a fire or storm.

Landlord Insurance Costs

Just as with coverage, landlord insurance costs will vary according to the property and your individual needs. Common factors include whether it is a single or multifamily property, the age and condition of the home, the location, whether there is a swimming pool, and whether there are security features, such as alarms, fire sprinklers, and gates.  It’s worth noting, however, that because landlord insurance is viewed as a business expense, you will be able to write off the premiums when filing taxes.

Whether you are looking to insure a multifamily property or are shopping for a new car insurance policy, K.L. Smith Agency LLC is the agency to call. Backed by over 80 years of combined experience, their seasoned agents have you covered for the protection you need to enjoy the peace of mind you deserve. Learn more about your property insurance options online, or call (860) 423-9294 today for your free quote.