What is Landlord Buildings Insurance?

Home owners insurance becomes inadequate to protect your building from getting damaged if it is left for rent. The renters property insurance protects the tenants' property and so you cannot claim with it for the damage of your property. The landlord building insurance fits the need as it protects the properties of the land lords in their lent homes. Catch more such information in the article on the landlord buildings insurance.This article covers

• What is the landlord buildings insurance?
• Why is it so called?
• What benefit it can offer to the landlords?
• Where to get them?

If you rent your home to anyone, you need landlord buildings insurance. Many people who offer their home or building for rent do not consider building contractor insurance or other types of insurance on their investment, as this is very costly. This is because if you are renting your home to others you are essentially entrusting them with the safety of your building. When it comes to home insurance, building insurance can be an inexpensive way to ensure that even if your tenants ruin the building or cause loss or damage to the building, you will still be covered and will be able to afford repairs or replacements of your structure. A buildings insurance policy does not cover the personal property of your tenants but does protect the investment of your building against damage. Buildings insurance premiums are affordable way to safeguard your investment and to ensure that your tenants do not end up costing you more money .

Why Is This Type Of Coverage Called Building Insurance For Landlords?

Landlords insurance that covers buildings is not legally required. However, it does provide coverage for properties that are rented to tenants or to commercial interests. In case your building is damaged or destroyed, you are protected against financial loss. Whether the damage is caused by vandalism, willful damage by your tenants, or natural disasters or accidents such as fire, you are covered so that you will not lose the property as well as the loss of rent.

Moreover, landlord insurance can protect you against the types of claims that may occur with tenants. For example, if someone visits your tenants and injures themselves while in the apartment, you may be held liable for the damage -- unless you have landlord insurance. This landlord insurance clearly outlines which areas you are responsible for and which are not your responsibility, so that you can avoid the types of legal suits that may occur through accidents. At the same time, insurance will protect you against lawsuits caused by accidents in common areas of your building.

Building insurance for landlords specifically covers the actual structure or building from such problems as lightning, explosion, fire, storms, floods, falling trees, impact, theft, vandalism, accidental damage, and so forth. Some building insurance policies for landlords cover floods, earthquakes, aircraft accidents, riots or civil unrest, and other such problems are not usually covered by home insurance. However, some building insurance designed for landlords does not cover losses incurred by such problems. Read your insurance carefully to find out what is and what is not covered.

Who Offers Buildings Insurance For Landlords?

Major insurers who offer insurance for homeowners offer specific policies just for landlords as many people are acting as landlords in order to earn a passive income. However, you can also purchase buildings insurance and other types of insurance for landlords through companies that specialize in offering such insurance.

Continue to:What Other Types Of Insurance Are Available For Landlords?