Landlord insurance is the best way for landlords to protecting themselves against potential losses. This coverage is needed in order to protect your building and its units. It is even possible to acquire coverage tailor made for every building you own. As a landlord, you should protect your investment and yourself. This coverage is not for tenants, they must purchase their own rental insurance.
Landlords can also use this insurance to obtain protection against their tenants. Liability is always a concern with tenants who might not care about the property.
Keep in mind this insurance does not cover property belonging to tenants. They must have their own insurance. Landlord coverage is so that landlords can cover their losses. When you make a claim, an adjuster assesses the situation. The adjuster then decides what you will receive.
These policies are affected by the value of your property. The insurance covers the value of your property, but you can obtain riders for special items. You also cannot obtain coverage over the assessed value of your rental property.
With these policies, you are protected for the rental properties you own. Make sure to pay your premiums, and never let the insurance lapse.