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Are you a property owner that is currently renting and wants to know about the advantages of different types of landlord liability insurance in Evergreen Park, IL? Martin Insurance Team offers a variety of different property insurance including landlord liability in the Evergreen Park, IL area. Landlord insurance usually includes two types of protection: property and liability. Either type of insurance is intended to protect, you, the property owner and manager from any type of financial loss.
Landlord Property Protection
Property protection is related to things that are related to the dwelling being damaged by natural disasters or weather and other types of losses which can include detached structures like your fences, garage, sheds, and carport. If your tenant maintains the lawn and the lawnmower is damaged, some insurance may cover this but not things like a personal bike or a DVD player that was out in the garage.
Many times these types of losses will have a deductible. Due to this, some landlords also consider an umbrella policy to cover any additional financial loss not covered.
Landlord Liability
This is more about an accident happening that may be due to your negligence such as not maintaining stairs or concrete and the tenant slips. You may have medical, legal and other costs to cover.
Additional Landlord Property Considerations
Additional things that landlords may want to consider in landlord property insurance is vandalism protection, burglary protection, and optional coverage of appliances that you may include in the rental.
If your property goes under construction due to damage to your property, additional coverage for updating building codes or insurance while it’s under construction is something to consider.
If you have any more questions about landlord property insurance in Evergreen Park, IL, give our staff at Martin Insurance Team a call today.
