Landlord insurance is a form of personal property and liability coverage for people who rent out homes, apartments, or condominiums to tenants. This type of insurance is for landlords who rent out a property on an ongoing basis.
Personal property unrelated to servicing the property – For example, furnishings, computers, bicycles, or clothing that you leave on the rental property will not be covered under a landlord policy. Although the base insurance doesn’t cover a landlord’s personal property such as furnishings, it’s possible to purchase add-on insurance that will.
Tenant belongings – Neither landlord nor homeowners insurance will cover loss or damage to a tenant’s property. It’s a good idea to suggest (or require) that tenants obtain renter’s insurance to cover these items.
If you’re only planning to rent out the property for a particular occasion, such as an industry or sporting event in your area, your existing homeowner’s policy may provide adequate coverage. Landlord insurance is for property owners who rent out a property for an extended amount of time or regular periods.
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