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If you’re a landlord in Evergreen Park, IL, you must know better how difficult it is to deal with tenants. Whether you own residential properties or commercial properties with tenants, you may want to get landlord liability insurance to protect your investment. If you haven’t heard about this critical policy, Martin Insurance Team recommends learning the coverages and determining your needs before purchasing.
What is Landlord liability insurance?
A landlord insurance policy is a type of property insurance policy designed to protect you from damage and injury claims related to your rental property. It helps pay for expenses if you’re found legally responsible after an injury that happens on your property. Anyone living, visiting or passing by your property can sue you for injuries they sustain while in your property.
Do I need it?
Absolutely. Home insurance doesn’t cover homes that you rent out. If anything happens to your rental properties, you may incur significant losses if you don’t have a backup policy. Landlord liability insurance typically covers the structure and liability that prevents you from paying out-of-pocket costs if you’re found at fault in some situations. If you bought the property through a mortgage, your lender might need you to have landlord liability insurance to protect the investment.
How much landlord insurance should I get?
When deciding the amount of landlord insurance to buy, you need to do several calculations to ensure you’re not underinsured. Begin by assessing your insurance needs by checking risks. If it’s a commercial property, know the type of business being run and your risk of getting sued. Next, check the value of the building and determine how much you’d need to rebuild based on the current market price. Don’t forget to keep the building in tip-top condition to avoid unnecessary lawsuits from tenants.
Buying landlord insurance in Evergreen Park, IL? Feel free to contact Martin Insurance Team, and we will be happy to help.
