Landlord Insurance
All home policies are NOT created equal. At Briteline, we provide a host of options that specifically cater to landlords and real estate investors.
If you own a property with tenanTs, or rent your lake cottage, you need a landlord policy.
Landlord coverage 101
Landlords renting out a house or condo for the first time may assume that their homeowners insurance will cover all the costs in the case of a weather-related disaster, accident or other damaging events. That’s a mistake that can have severe coverage consequences including potentially denied claims. Not good.
Homeowners insurance does not cover a dwelling that is not occupied by the owner. This is why you need landlord insurance.
While many of the primary coverages of landlord insurance mirror those of homeowners insurance such as property damage, liability, coverage for the house itself etc. additional coverages such as rental income lost due to a property’s temporary inhabitability are included in a landlord policy.
Why you need Landlord Coverage
Homeowners insurance only covers owner-occupied homes. If you start renting your home out to someone else, the coverage no longer applies. And as renters are generally not held liable when a large appliance breaks or malfunctions, a person suffers an injury on the property (through no fault of the tenant), a fire damages or destroys your home, or burglars simply empty and/or destroy the place, that means you could be left out to dry for these or other causes of loss.
At Briteline Insurance, we are well-versed in the nuances and differences with these types of coverages and with our network of insurance carriers, you will be sure to have the proper landlord coverage for your rental or rentals.