Insurance

Insurance 101- The Learning Curve Series: Landlord Policy

You bought a property and you are going to Rent it to some Tenant. This is what we in The Industry call a non-owner occupied property.

You are now a Landlord, a Small Business Owner and need to treat the property as a Business Owner. The insurance you need for this risk if a 4 unit or less Residential Dwelling is a Landlord Insurance Policy.

You face risks just like a Home Owner for fire, and other damage, but also loss of rents if there is a covered claim. (No rent loss is paid out if a tenant skips out, that’s part of business). But if there is a fire and the tenant is forced to break the lease while you conduct repairs you may be entitled to loss of the Fair Rental Income up to the Policy Provisions.

If you have Business Personal Property such as stove, fridge, and washing machine. What if they are damaged by a covered loss?

Most Important is your Liability exposure. What if you are sued for negligence as a course of conducting Business? More information is just a call to the Insurance Agent.