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Landlord’s Insurance by Legacy Insurance

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Landlord’s Insurance provided by Legacy Insurance

Being a landlord entails significant financial risk. Since homeowners insurance only covers owner-occupied units, there’s a large gap in the landlord’s financial safety net. Landlord insurance covers many of the same components as homeowners insurance and also fills that gap.

What is Landlords’ Insurance ?

Landlords’ insurance is an insurance policy that covers a property owner from financial losses connected with rental properties. The policy covers the building, with the option of insuring any contents that belong to the landlord are inside. Landlords’ insurance is often referred to as buy-to-let insurance. Landlord insurance is separate from landlords’ emergency cover.

How much does Landlords’ Insurance cost?

Landlord insurance costs vary regionally. Why? The cost of materials and labor to perform repairs varies based on where you live. Additionally, different regions face specific challenges that might result in claims: People who live in places where large-scale storm damage is likely will file more claims all at once, bumping up their premium rates. After regional differences, though, landlord insurance premiums are based on the size and age of the covered buildings, the risks based on the amenities and environment in the buildings, and the choices you make about coverage.

  • Square footage of the home: Larger homes have more volume to repair or rebuild, so the base portion of a landlord policy will be determined by the size of the home and any additional structures.
  • Value of the home: More expensive properties cost more to insure because they cost more to repair or replace.
  • Age and materials of home construction: Older homes are more complex to repair, especially because parts may be hard to come by and because repairs may require older homes to be brought up to current code, which adds to the expenses. 
  • Tenancy: Long-term tenants on year-long leases suggest stability and a clientele that is likely to continue paying rent and care for the property as if it were their own.
  • Crime risk: The crime rate in the area where the building is located can affect the cost of landlord insurance. If crime is low, home values are steady, and the school districts and neighborhoods are well regarded, the rate will be lower. 
  • Environmental risk: Insurers don’t like losing money, and areas that are likely to be hit by tornadoes or hurricanes are a huge threat to the profit margin. 
  • Coverage maximums: Your agent will help you settle on the maximum amount of coverage you need per event or annually. Increasing the maximums may protect you more effectively but will drive up your rate.
  • Add-on coverage: Coverage that you choose to add, such as guaranteed income, flood, and emergency coverage, will drive up your overall cost.

Why You Need Landlords’ Insurance

Chances are that your policy only covers owner-occupied homes. If you start renting out to someone else, the coverage no longer applies. And as renters are generally not held liable when a large appliance malfunctions, a person suffers an injury on the property (through no fault of the tenant), a forest fire damages or destroys your home, or burglars simply empty the place, that means you could be left out to dry for these or other misfortunes caused by humans or Mother Nature.

Already have Landlord’s Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.

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