Looking for Landlord Insurance?
Landlord Insurance
As a landlord, your business is as unique as the property you own. And at American Family Insurance, we understand the hard work that went into creating that business — that's why we work so hard to protect it.
The Benefits of Landlord Insurance
Similar to homeowners insurance, landlord insurance helps cover the cost of repairing your rental unit when the unexpected occurs. But the big difference with landlord insurance — and the big win here — is that it’s actually a business policy. The insurance options for commercial coverage can be customized by our expert agents to meet the exact needs of your real estate investment. Read on to understand the benefits of landlord insurance and why you really need it. With everything you’ve invested into your rental property, you’ll see that carefully insuring your real estate is just as important as every other key decision you’ve made along the way.
Who Needs Landlord Insurance?
Your landlord policy protects your property when a covered loss impacts the physical property of the building or space that you’re renting to tenants. From fire to break-ins, you can find coverage that can help spare your finances. For property owners, this specialized type of insurance is essential because tenants can sometimes cause costly damage. You need a policy that works as hard as you do, and one that can benefit your business needs as well. As for the business expense of paying for landlord and umbrella premiums, you’ll likely be able to write the cost off through tax deductions, making excellent coverage more affordable than ever.
Reduce Break-ins with Inexpensive Security Measures
One of a landlord’s top priorities is to help ensure tenant safety. Adding security measures like installing security doors and deadbolt locks can go a long way to prevent break-ins. By carefully controlling keys and replacing locks as tenants change over, you can minimize theft with a nominal cost. And well-lit exteriors paired with motion-sensitive video systems also provide an inexpensive deterrent to thieves.
Landlord Insurance & What It Covers
Landlord insurance covers rental business essentials that are typically not covered under other types of homeowner’s policies. Because it’s a business owner’s policy, it covers damages to your rental property, like the physical structure of the building, and its lighting fixtures, for example. This coverage usually extends from your property that’s left in the living space all the way to the items you own that are safely stored outside — on rental property — as well. For instance, if your rental’s kitchen comes with appliances in the kitchen or you keep a new lawn mower in the garage, these items would be covered and protected. Here’s what landlord insurance can cover:
Building coverage
When a covered loss occurs and your building’s damaged, our property coverage will go to work and help you pay for replacing or repairing damages, protecting you from greater financial losses.
General liability insurance
You’ll get the coverage your business needs because accidents happen, and we all make mistakes. This important coverage can help protect you from bodily injury, property damage and/or personal injury and advertising injury expenses that arise from the operations of your rental properties or condo association.
Commercial umbrella liability protection
Providing additional protection on top of your primary general liability coverage, our commercial umbrella liability protection gives you extra security against legal and financial actions which can help you against financial losses.
Medical expense coverage
This important coverage helps cover the cost of immediate medical care for injuries that take place on your premises, even when your business isn’t liable.
Auxiliary structure coverage
This coverage extends to certain property items that support your rental business, such as sheds, unattached garages or fences, swimming pools and clubhouses.
Flood insurance
Offered through the National Flood Insurance Program, this flood insurance coverage can safeguard your investment properties when the waters rise.
Does Landlord Insurance Cover Tenant Injuries?
Yes, under certain circumstances, your landlord insurance can cover tenant injuries. But it depends on how the injury occurred, and who was found legally responsible for the injury and other factors.
Suppose a tenant is cooking and burns a hand while reaching into the oven. Because the tenant failed to take necessary precautions and was burned as a result, the tenant would likely be held responsible. However, if a window in your rental was difficult to open and a tenant was injured while attempting to open it, they may have a case to be reimbursed for medical expenses related to that injury. If so, your landlord insurance would potentially kick in and cover those expenses — up to the policy’s limit.
American Family’s Landlord Insurance
With so much at stake, American Family’s landlord insurance can protect you from the unexpected. But even more than that, it’s protection that delivers peace of mind because you made the smart move to invest in protecting your dreams. When you reach out to us and request a quote, remember to bring an inventory of all the personal property you’ve left on-site, like kitchen and laundry appliances, furniture and tools. You’ll get a custom-crafted policy in return and you may find you’re better able to focus on growing your business, knowing that you have the protection your investments need.
Apartment Complex & Condo Association Insurance
Whether your rental property or condo association is made up of one building or many, you deserve real support and protection that evolves with your business dream. That’s where we come in.
When the time comes for your condo association’s board to approve another year of funding your master insurance policy, be sure to consider Cara Sparks American Family Insurance Agency. With condominium and apartment insurance policies that help protect against the unexpected, you’ll find great coverage from a name you can trust.