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Landlords are liable for many things. While being a landlord can be rewarding financially, they still have to shoulder considerable risks. Fortunately, however, landlord liability insurance and other insurance policies can help reduce risks. This way, property owners can enjoy peace of mind while they serve their local communities and build their businesses. Are they looking for landlord liability insurance? Contact Martin Insurance Team, serving Evergreen Park, IL, and beyond.
Landlord Liability Insurance 101
First, your general homeowner’s insurance policy may not cover any rental properties you own. Often, landlords must instead take out separate insurance policies to cover rental properties.
Since the risk profile and liabilities for a rental property may be different from a private, personally-owned dwelling, costs and terms between homeowners’ and landlord liability insurance policies often differ. This is true even for the same exact house or other building.
If a tenant is injured on your property, say suffering a slip and fall in the parking lot, you might ultimately be found liable as a landlord. If you have the right insurance policies, they can provide protection during many events. Of course, it is essential to closely vet the terms and conditions when considering any insurance policy, including a landlord liability policy.
A landlord insurance policy may also cover damage caused by adverse weather events, like lightning or a tornado. However, many insurance policies will only cover certain weather events, so make sure you ask an insurance agent about any gaps or other risks.
Before purchasing a property to use as a rental property, it’s wise to take a holistic look at all the risks involved. Examining risks doesn’t mean you need to shy away from them, far from them. However, it would be best to have a good grasp of the challenges involved before making any significant decisions. This way, you can consider how to mitigate risks from the get-go.
Want to learn more about landlord liability insurance and other insurance policies? Folks living in or near Evergreen Park, IL should swing by and chat with the Martin Insurance Team.
