If you rent out your home, condo, apartment or another property to others — congratulations, you’re a landlord! With that comes the responsibility of landlord insurance. If something were to happen to that property, or to someone while at that property, you could be liable — and your regular homeowners policy will not cover you.
Your investment property has value that you’ll need to protect because your tenants’ renters insurance covers only their belongings. Anything from a wind storm that knocks out the gutters to a lawsuit from someone who falls on your icy sidewalk could cost you thousands of dollars if you don’t have rental property insurance.
In this article, we’ll be looking mainly at long-term landlords who do not live on the rental site. If you are a short-term landlord or rent out part of your property for Airbnb or another similar business, you may be covered by your homeowners insurance if you live on site. In those cases, you may also need t… Read More