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As a landlord, you’re not just managing a property; you’re managing an investment. At West Lake Insurance Agency, we understand the unique risks landlords face. We’re here to help you find the right landlord insurance policy to protect your property and your financial interests.
What is Landlord Insurance?
Who Needs Landlord Insurance?
Anyone who rents out a property, whether it’s a single-family home, an apartment building, or a condo, should consider landlord insurance. This includes:
- Individuals who own and rent out residential properties.
- Real estate investors.
- Property management companies.
Standard homeowners insurance policies typically do not provide adequate coverage for rental properties. Without landlord insurance, you could be exposed to significant financial risks.
What Types of Properties are Covered by Landlord Insurance?
Landlord insurance policies offered through West Lake Insurance Agency can cover a variety of rental properties, including:
- Single-family homes
- Multi-family homes (duplexes, triplexes, etc.)
- Apartment buildings
- Condominiums
- Townhouses
What is Covered Under a Landlord Insurance Policy?
A typical landlord insurance policy includes several key coverages:
- Dwelling Coverage: This covers the physical structure of the rental property, protecting it from damage caused by events like fire, wind, hail, and vandalism.
- Liability Coverage: This protects you if a tenant or guest is injured on your property. It can help cover medical expenses and legal fees if you’re sued.
- Loss of Rental Income: If your property becomes uninhabitable due to a covered event, this coverage can help replace your lost rental income while the property is being repaired.
- Personal Property Coverage (for landlord’s belongings): This covers any personal property you own that is located on the rental property, such as appliances or furniture you provide for tenants. (Tenant’s belongings are typically not covered by your policy.)
- Other Structures Coverage: This covers detached structures on your property, like fences, sheds, and detached garages.
Why Landlord Insurance Is Important
A typical landlord insurance policy includes several key coverages:
- Dwelling Coverage: This covers the physical structure of the rental property, protecting it from damage caused by events like fire, wind, hail, and vandalism.
- Liability Coverage: This protects you if a tenant or guest is injured on your property. It can help cover medical expenses and legal fees if you’re sued.
- Loss of Rental Income: If your property becomes uninhabitable due to a covered event, this coverage can help replace your lost rental income while the property is being repaired.
- Personal Property Coverage (for landlord’s belongings): This covers any personal property you own that is located on the rental property, such as appliances or furniture you provide for tenants. (Tenant’s belongings are typically not covered by your policy.)
- Other Structures Coverage: This covers detached structures on your property, like fences, sheds, and detached garages.
How Much Does Landlord Insurance Typically Cost?
The cost of landlord insurance depends on several factors, including:
- Property Value: The higher the value of your rental property, the higher the premiums will be.
- Location: Properties in areas with a higher risk of natural disasters or crime may have higher premiums.
- Coverage Levels: Choosing higher coverage limits will increase your premium.
- Deductibles: A higher deductible means lower premiums, but you’ll pay more out of pocket if you make a claim.
- Age and Condition of the Property: Older properties may require higher premiums.
- Number of Units: Multi-unit properties may have different rating structures.
Get a Quote from West Lake Insurance Agency
Protect your investment and your livelihood. Fill out the form below to get a personalized landlord insurance quote from West Lake Insurance Agency. We’ll help you find the right coverage at the right price.
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West Lake Insurance Agency takes the work out of buying commercial insurance for businesses. We help small business owners and operators find quotes for commercial insurance from preferred insurance companies.
General Questions
Business insurance covers your business against property damage or theft and covers you if you’re sued for negligence or if any of your employees are involved in an accident while using business-owned vehicles. It’s important to ensure you have the correct types of policies, at the right levels, for the business activities you routinely undertake.
Business insurance covers the operations and assets of commercial organizations. There are several kinds of business insurance, such as: Commercial auto insurance, Professional liability, Commercial property insurance, Commercial umbrella insurance.
Browse our site or contact us for information about business insurance to learn everything you need to know to protect your business with the right insurance policy.