If you are currently a landlord or own investment property, having the correct type of insurance is crucial to protect yourself, your assets, and your investments. It is your responsibility to consider the physical protection of the property as well as the legal liability you have as a landlord. The good news is there are policies that are tailored to fit these specific needs of property owners.
A normal "landlord's" insurance policy contains coverage on the building itself, any detached structures such as a garage or storage buildings, so basically the structure itself not including all of the possessions inside. The policy also protects the loss of rental income, should the property have a loss (such as a fire) and the tenant has to move out. Typically policies include coverage for the perils of fire, wind, hail, as well as other types named on the policy. Flood and earthquake are not covered under a standard policy, and must be purchased separately in addition to normal coverage. The tenant of your building should purchase their own "renters insurance" to protect their personal property as your policy will not protect any of their belongings since a "dwelling fire" insurance policy is specifically for the structure.
It's important that your landlord policy contains adequate protection for your legal liability as well. This coverage should provide protection for anyone, including a tenant, who may be injured while on your property during a visit. Your policy should also provide "personal injury" coverage to protect you in the event you are accused of libel, slander or wrongful eviction.
Get the right kind of insurance policy on your investment properties so if a loss occurs, you can have peace of mind knowing you are protected fully. Give Frimark/Keller & Associates a call today at (847) 907-4520 to discuss any insurance needs you may have or visit our Digital Insurance Office online at www.frimarkkellerinsurance.com.