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Homeowners’ insurance provides the protection you need to ensure your property is taken care of, whether it’s repairing a roof after a tornado or removing a fallen tree from your house. There are various types of insurance available, including specific insurance for landlords.
Legal Requirements
Most jurisdictions don’t legally require landlords to obtain landlord home insurance, just like homeowners’ insurance. However, some banks or lenders require landlords to obtain appropriate insurance to protect their investments. Many financial institutions require proof of insurance and periodically contact insurance companies like Mid Atlantic Insurance Financial to ensure there isn’t a lapse in insurance. A lapse in coverage can come with severe penalties.
Landlord Insurance
Landlords don’t obtain standard homeowners’ insurance for their rentals. Instead, they need insurance that is commonly referred to as landlord insurance or rental property insurance. There are a few key differences between homeowners’ and rental property insurance.
Rental property insurance is carefully curated to meet landlords’ needs. It commonly covers damage to the home’s structure but often excludes additional coverage for personal property, which is the tenant’s responsibility.
It may provide more comprehensive coverage in other areas, such as bodily injury and liability, to help landlords protect their assets. Some insurance policies include lost rental income, which means the insurance company may reimburse you for lost income if the house is considered uninhabitable.
Agents at Mid Atlantic Insurance Financial understand the unique needs of landlords in Laurel, MD. Our representatives will work with you to ensure you understand your policy and what’s covered. Contact us to learn more today. We’re currently serving the Laurel, MD area.