Landlord Insurance in Brigantine Beach, Ventnor City, Margate City and Longport, NJ
Landlord Insurance Quote Forms
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Landlord Insurance Information
Even as someone else physically occupies your property, your role as a landlord still means you bear significant responsibility and risk. By allowing someone else to live in your rental, you must now account for additional risks and exposures, such as liability for their potential losses. Furthermore, as a landlord, you are still generally responsible for the maintenance and upkeep of the property. With these things in mind, you should prioritize understanding and acquiring adequate landlord insurance.
What Is Landlord Insurance?
As its name suggests, landlord insurance is a type of coverage tailored specifically to help cover the risks and exposures of your duties presiding over rental properties. These policies provide financial protection from common perils that may affect your property, such as fires and severe weather events. A landlord insurance policy is essential even if you carry homeowners insurance coverage on the residence you are renting out—the latter is generally not applicable if you are not the party occupying the home.
What Does Landlord Insurance Cover?
Most landlord insurance policies include the following two primary components:
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Dwelling
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Other structures (e.g., detached garages, sheds, fences)
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Possessions used to service the property (e.g., lawnmowers, snowblowers)
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Landlord liability protection—This coverage can help pay for the losses of tenants or other third parties if you are at fault for an incident. For example, if a renter trips and falls due to you failing to maintain floors, stairs or other walking surfaces properly, your insurance may cover their medical bills and other resulting costs.
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Loss of use coverage—If a covered event causes your rental to be uninhabitable, this coverage can reimburse you for rent you would otherwise accrue.
It may also be advisable to augment your landlord insurance with riders, such as those covering vandalism, floods or required upgrades due to building codes.
Get the Right Coverage
Renting out property can be a convenient and lucrative source of income. However, as a landlord, you must also take steps to protect your financial interests. Landowner insurance is essential regardless of how responsible and diligent you may be in maintaining your property and minimizing risks. Without coverage, even a single incident could lead to devastating out-of-pocket costs.
We’re here to help. The dedicated staff at Insurance Agencies, Inc. are well-equipped to help landlords in Brigantine Beach, Ventnor City, Margate City, Longport and the surrounding areas acquire and maintain optimal landlord insurance policies. Contact us today to get started.
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