Landlord’s Protection With California Insurance
If you are a landlord or own investment property, having the correct type of California home insurance is crucial to protect yourself and your investments. Not only do you have to consider the actual physical protection of the property, but also the legal liability you have as a landlord. The good news is there are policies that are tailored to fit this specific need.
A typical “landlord’s” policy contains coverage on the building itself, any detached structures such as a garage or storage buildings. The policy also protects the loss of rental income, should the property have a loss (such as a fire) and the tenant has to move out. Most policies include coverage for the perils of fire, wind, hail, as well as other perils named on the policy. However, flood and earthquake are not covered under a standard policy, and must be purchased separately. The tenant of your building should purchase their own “renters insurance” to protect their personal property as your policy will not protect any of their belongings.
It is very important that your landlord’s policy contain adequate protection for your legal liability. This coverage would provide protection for anyone, including a tenant, who may be injured while on your property. Your policy should also provide “personal injury” coverage to protect you in the event you are accused of libel, slander or wrongful eviction.
Make sure that:
- You have adequate coverage to replace and rebuild your investment property
- Your policy provides enough “loss of rental income” protection.
- You carry adequate limits of Owners & Landlords liability coverage-including personal injury.
Get the right kind of insurance policy on your investment properties so if a loss occurs, you can have peace of mind knowing you are protected! Place your coverage with an agent you can talk to, and with a company you can trust.
Written by: Gary Remland
