A well thought out property insurance policy for landlords includes enough coverage to protect the value of the property and its assets. The policy should provide protection for most perils although flood insurance usually involves a separate policy.
Owners of rental property also need a general liability policy, covering injuries or losses suffered by others on the property because of defective conditions. This insurance also includes coverage for the legal costs associated with defending against a personal injury lawsuit. In addition, these policies provide loss of rental income while the building is being a repair from a peril covered in the policy.
A John J. Clarke Insurance Inc. license agent can discuss with you additional coverage’s to further protect you for other non-injury related hazards such as libel, discrimination, wrongful eviction, invasion of privacy and other areas of potential vulnerability that landlords may encounter.