If you are a landlord, having a personal homeowner insurance policy isn’t enough to protect your property. You need special landlord insurance, which is tailored for people who own rental properties, whether one small house or an entire apartment building.

For most landlords, their rentals provide their income, and being a landlord may be a full-time job. Even if renting is not your main income, it’s still probably a significant source of revenue for you. What would you do if your property were damaged or lost? How would you replace that income? Could you weather a lawsuit from someone who sustains an injury on your premises? 

The answer is to have coverage from a landlord insurance policy. Like a regular homeowner policy, it protects your dwellings and any contents that belong to you in the event of fire, vandalism, and similar catastrophic events. If you have a tenant who leaves the property seriously damaged, your landlord insurance would cover repairs to get you up and running again soon, which goes beyond what you get from a mere tenant security deposit. 

The right landlord policy can also protect you in liability instances where a tenant or their guest is injured on your property, like from falling on the stairs or slipping on an icy sidewalk. If the injured party sues, your rental business is protected, as are your personal assets. 

Landlords have far more to worry about than regular homeowners. You, and possibly your spouse or domestic partner, could be sued in a wrongful eviction case, for wrongful entry (entering the tenant’s unit without proper permission), libel, or slander. A landlord insurance policy protects you in these situations as well, so you have the peace of mind of knowing your business and your personal assets won’t be devastated. 

Some landlords opt to add further coverage to their landlord insurance by taking out an umbrella policy. This offers even broader coverage and may be right for you in certain circumstances, such as if you rent to tenants with dogs. If the dog bites someone, like a worker or postal delivery person, you as the landlord could be held liable, but your umbrella policy offers extra protection for your business and assets. 

Call Canyon Pacific Insurance Services today at 760-324-4100 to talk about the right landlord insurance for you, so you know you have the proper protection for your rental business. Don’t wait until your income is threatened or your personal assets are at stake. Our agents are ready to speak with you now.

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