Being a landlord can offer rewards such as a stable income stream and a chance to invest in real estate. Nevertheless, unexpected events can swiftly transform a profitable investment into a financial catastrophe. Whether you currently own a rental property or are considering renting out your property, it is essential to consider landlord insurance. This coverage can help safeguard your investment and financial interests in the face of unforeseen events or liabilities.
What Is Landlord Insurance?
Landlord insurance, also known as rental property insurance, protects those who rent their properties to tenants. It helps cover potential risks and liabilities associated with owning a rental property.
What Does a Landlord Insurance Policy Cover?
The following are some common coverages typically included in a landlord insurance policy:
- Property damage coverage may help protect the physical structure of the rental property, including the building and any permanent fixtures (e.g., walls, floors, ceilings), from damage caused by fire, storms or other covered perils
- Liability coverage—Liability insurance protects landlords from legal and financial consequences if a tenant or visitor is injured on the rental property and holds the landlord responsible. It may help cover legal fees, medical expenses and court-awarded damages
- Loss of rental income may help compensate the landlord for lost rental income if the property becomes uninhabitable due to a covered event (e.g., fire, flood or other damages), and the landlord cannot collect rent from tenants during the repair or rebuilding period
- Contents insurance is optional coverage for any personal belongings the landlord owns left on the property for tenant use, such as furniture or appliances.
It’s important to note that standard homeowner’s insurance typically does not provide sufficient coverage for rental properties. Landlord insurance is specifically tailored to the unique risks and responsibilities associated with renting a property. As with any insurance policy, reviewing the terms, coverage limits and exclusions carefully is essential to ensure it meets your needs.
How Much Is Landlord Insurance in Louisiana?
The cost of landlord insurance can fluctuate based on various factors, including the property’s location, property type and your claims history. To get an accurate idea of how much landlord insurance would cost for your property in Louisiana, contact Bruni Insurance Agency to request a quote based on your property’s details and your desired coverage levels.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.