Better Value Landlord Insurance
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What does my home insurance cover?
We're here to help you make the most of your insurance . Worth Was borne out of the first hand frustration with the home insurance experience. Our process and team make it quick and easy to find the best value policies and protect against the unexpected. Let's take home insurance of your to do list and say hello to peace of mind.
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Dwelling Coverage
This first section of coverage provides coverage for the actual home itself. It is important that the value limit of this coverage be set to at least the amount equal to what it would cost to rebuild your home, otherwise known as your replacement cost coverage.
Other Structures
The Other Structures section provides coverage for other items on your property such as fences, sheds, and detached garages. Typically this coverage is set to about 10% of your Coverage A, but it should be adjusted up if there is a need for increased coverage limits.
Personal Property
One easy way to describe what this covers is if a house was to be turned upside down and shaken, what would fall out is what would apply to this coverage section. Examples of personal property include, furniture, electronics, clothes and toys.
Loss of Use
This coverage provides for reimbursement for additional living expenses in the case that a covered peril caues damage to your home that makes it unlivable. In this case you may need to move out of the home and rent a different home or a hotel room in the interim.
Liability Coverage
This section provides protection against things like medical bills and legal fees if someone happens to be injured on your property or in the case you are found liable, ie if your dog bites someone. Certain factors can make your home more risky in this regard. Examples include trampolines and pools.
Medical Payments
This section provides protection against payments for minor medical bills to those injured on your property. The typical coverage amount for a standard policy is limited to $5,000 per claim. It is possible for this portion of the policy to provide a payout even when the injury was not your fault.
Frequently Asked Questions
A Beginner's Guide to Commonly Asked Questions about Landlord Insurance
Landlord Insurance is an insurance policy designed for property owners that rent or lease their properties to others. It provides protection from the risk of financial loss in the event the property is damaged by a covered peril.
Landlord insurance is note required by the state. Often times it is required by the terms of the loan or the lender on the property. It is an important coverage to maintain to protect against financial loss and to help ensure the investment is not at risk.
Homeowners insurance is designed for protecting the insured as the primary occupant of their home. If the property is rented out to others and not occupied by the owner, a landlord insurance policy is recommended.
In most every state, landlords are able to require their tenant's secure renters insurance. Renters insurance helps provide an additional level of financial protection for all the parties involved.
A landlord insurance policy may cover loss of rents in the event the property becomes unlivable. It is important to check your policy as it may need to be purchase as an add-on or endorsement to a regular policy.
Landlord insurance typically provides coverage for property damage and against liability claims and lawsuits. The amount of these coverages limits depends on how much coverage is purchased and what is offered by the insurance carrier.
Typically landlord insurance will have limits on the contents coverage. It is up to the tenant to secure their own renter's insurance policy for their personal property.
It is important to make sure that your landlord insurance policy provides enough coverage to rebuild the structure back to the original condition in the event of a total loss.
This is a component of a typical landlord insurance policy. This section of coverage provides protects landlords in a liability claims scenario in the instance another person or property is hurt or damaged.
Landlord insurance does not cover against the risk of flood. Landlords need to purchase a separate policy to protect their property from the financial risk of loss in the event of a flood that damages the home.
Coverage for Wherever Life Takes You
