landlord insurance

landlord insurance

 

landlord insurance This cover usually includes the same type of protection as your usual house insurance, such as cover for buildings and contents in the event of a range of circumstances. However, you need certain extra cover as a landlord, including for: Non payment of rent. Damage to your property (by the tenant)

Expect to pay 15% to 20% more for landlord insurance than you did for homeowners insurance. In recent years the average cost of homeowners insurance was $822 a year. Tack on 20%, and that would put the average annual premium on landlord insurance at about $986.

Talk to your mortgage lender. There’s no legal obligation for a landlord to take out a dedicated insurance policy. However, if you have a mortgage on your property it’s very likely that your lender will require you to take out insurance before you take on tenants.

A landlord is the owner of a house, apartment, condominium, land or real estate which is rented or leased to an individual or business, who is called a tenant (also a lessee or renter). When a juristic person is in this position, the term landlord is used. Other terms include lessor and owner.