As a landlord, you probably derive a large portion or even all of your income from your rental properties. Therefore, it’s vital that you have the right protection for them in the form of landlord insurance, whether you own one house for rent or an entire apartment complex.
Landlord insurance covers your property in the event of a fire, hail, vandalism, or natural disaster, similar to a regular homeowner policy. It even covers your property if a tenant leaves it damaged beyond the usual amount covered by a security deposit. This way, you will not be deprived of your income source if something should make your property unable to be rented.
A landlord policy also offers liability protection should someone become injured on your property and win a legal judgment against you. You won’t have to lose your personal assets or your property to settle a lawsuit.
Your landlord policy can also protect you in situations where a conventional homeowner policy cannot:
Wrongful eviction, when a tenant sues claiming they should not have been evicted or were improperly evicted
Libel or slander, if you are found to have defamed a tenant verbally or in writing
Wrongful entry, if a tenant accuses you of entering without proper permission
It’s easy to add other protection too:
An umbrella policy for added liability coverage, particularly recommended if any of your tenants own dogs
Flood insurance, which is usually not included with landlord policies
Earthquake insurance, which must be purchased separately
Your rental property is a business, so you need to treat it like one with the proper landlord insurance policy. Call us at 407-680-1214 today or reach out online for a quote, and we can help you determine what kind of coverage you need. At Orlando Insurance Center, we’re pros at working with landlords in the Orlando, Florida community to get them the protection they need.