{"id":3644,"date":"2024-02-23T00:00:00","date_gmt":"2024-02-23T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/do-your-investors-need-landlord-insurance\/"},"modified":"2024-02-27T07:59:24","modified_gmt":"2024-02-27T07:59:24","slug":"landlord-insurance-and-homeowner-insurance-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/landlord-insurance-and-homeowner-insurance-what-you-need-to-know\/","title":{"rendered":"Landlord Insurance And Homeowner Insurance: What You Need To Know."},"content":{"rendered":"

\"landlord<\/a><\/p>\n

Understanding the Differences Between Homeowner And Landlord Insurance.<\/h2>\n
\n

<\/p>\n

Renting out a property can always be a gamble, with the risk of a bad tenant who could, for example,\u00a0 smash a hole in the wall or bail on paying rent. In either case, the landlord is left financially liable.<\/p>\n

But could landlord insurance<\/strong> help investors better protect their property investments?<\/p>\n

\u201cLandlord coverage<\/a> is a vital add-on for anyone planning to rent some or all of a property to another party,\u201d insists James J. Whittle, assistant general counsel and chief claims counsel for the American Insurance Association.<\/p>\n

Landlord insurance coverage varies based on location, but in general, it will protect the house, apartment, or condo that is being rented out against \u201ccovered perils.\u201d That usually consists of severe weather, natural disasters, and vandalism. It also might cover the owner if someone is injured at the property, like if the tenant trips on the entry stairs and then tries to sue the landlord.<\/p>\n

Some landlord insurance policies also provide income coverage protection. For instance, if the property becomes unlivable due to an event like a fire, the landlord would be paid the fair market value for rent while the house is being repaired. Some policies also offer<\/a> rent default coverage. So if a tenant doesn\u2019t pay the rent on time, the landlord would receive out-of-pocket money and assistance with legal fees.<\/p>\n

Homeowner insurance<\/a> policies don\u2019t always cover renting property, particularly if the property is being rented on an ongoing basis. \u201cYour home insurer has chosen to insure you, but they don\u2019t know anything about that third party,\u201d says Whittle.<\/p>\n

Landlord insurance will cost about 25 percent more than it would for homeowner insurance for a basic policy. Rates vary drastically depending on location and coverage limits. But landlord insurance can be deducted on a tax return as a business expense.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Understanding the Differences Between Homeowner And Landlord Insurance. Renting out a property can always be a … Landlord Insurance And Homeowner Insurance: What You Need To Know.<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":126413,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[697],"tags":[4751,518,12908,543,617,698,10601,10602,10603,10604,10605,10606,10607,10608,10609,10610,10611,3058,1287,41,907,15319],"class_list":["post-3644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-amazing","tag-america","tag-home","tag-home-buying-guide","tag-house","tag-insurance","tag-landlord-insurance-australia","tag-landlord-insurance-california","tag-landlord-insurance-canada","tag-landlord-insurance-cover","tag-landlord-insurance-coverage","tag-landlord-insurance-explained","tag-landlord-insurance-in-california","tag-landlord-insurance-online-quote","tag-landlord-insurance-quote","tag-landlord-insurance-what-does-it-cover","tag-landlord-insurance-what-is-it","tag-location","tag-natural-disaster","tag-property","tag-tenant","tag-weather"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/landlord-insurance.jpg?fit=640%2C427&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7267,"url":"https:\/\/amazingproperty.com.ng\/blog\/does-your-investment-property-do-what-its-supposed-to\/","url_meta":{"origin":3644,"position":0},"title":"Does your investment property do what it\u2019s supposed to?","author":"Amazing Property","date":"November 28, 2017","format":false,"excerpt":"The path to becoming the proud new owner of an investment property is rarely an easy one. 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Being a landlord can be a lucrative and rewarding experience, but it also comes with its fair share of risks and challenges. As a landlord, you are responsible for managing your property, dealing with tenants, and ensuring that your investment is protected. 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