If you own a rental property in Washington, homeowner’s insurance alone may not protect you from the unique situations that landlords face. A Landlord insurance policy will help protect you in a number of events.
What does Landlord Protection insurance include?
First, and foremost, the Landlord policy protects the actual dwelling. Let our agent know if you need coverage for the landlords personal property including washer/dryer, lawn mower, tools, etc.
Additional Coverage Options
There are additional coverage options that may be added to Landlord Protection insurance policy.
Liability including Legal Defense:
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. Ask your agent for further details and how much coverage your policy has.
Ask the experts at First Rate Insurance Plus in Kirkland, WA today for a no obligation Landlord Insurance quote!
Frequently Asked Questions about Landlord Insurance
Who needs landlord insurance?
Landlord insurance is for anyone who owns rental property. If you own a rental home or other rental property, you need landlord insurance.
Does landlord insurance cover short term vacation rentals?
There is landlord insurance for short-term vacation rentals. It will be slightly different from your traditional landlord insurance policy because you have so many people coming and going from the residence versus one renter or family.
What type of insurance do you need for a rental property?
Rental properties require landlord insurance. This insurance covers the dwelling and protects your investment while another person is living there.