Landlord Protection Insurance in Reno, NV
If you own a rental property such as a home, condo or duplex, you face unique risks from financial loss. Not only is the property you own at risk from damage, but you personally face risks associated with having a tenant. A Landlord Insurance Policy can help protect all of your risks from rental property by insuring the property itself as well as providing you with broad liability coverage and additional coverage such as wrongful conviction or unlawful entry.
Shopping your insurance from a local independent insurance agency can provide you with the expert consultation you need to determine what coverages best fit your needs. You can choose between fully encompassing policies with more protection, or slimmed down ones depending on your needs. Flexibility is the keyword here.
What does Landlord Protection insurance include?
Landlords just do not own the home or condo being rented, they may own additional items or tools that tenants have access to, and some of these items may be covered by a Landlord Protection insurance policy:
- Dwelling/rental property
- Additional buildings on premise such as sheds or garages
- Equipment like tools, washing machines or other appliances used by tenant
Additional Coverage Options
There are additional coverage options that may be added to Landlord Protection insurance policy.
Landlords or rental property owners may also face legal ramifications for events that take place on the property they own. Having additional coverage for Legal Defense may help pay for legal fees from lawsuits like:
- Libel or slander
- Accidental Damage
- Wrongful eviction
Fair Rental Value:
If your dwelling is deemed uninhabitable or a total loss, you may not only need repair or rebuild your property, you may lose rental income. Having Fair Rental Value coverage means that you may get reimbursed for your lost income during a covered event.
Extended Dwelling Coverage:
If your rental property or condo is a complete loss, a standard Landlord Protection insurance policy may not cover the entire cost to rebuild or repair the property. Extended Dwelling coverage may pay out an additional 25 to 50 percent of the standard coverage amount, depending on the policy.