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Importance of Being Insured with an Investment Owner/Landlord Policy

Landlord insurance papers on a desk. Homeowner’s insurance is something you’ve probably heard of if you’ve ever bought a house. This sort of insurance often compensates the policyholder for financial losses incurred as a result of a covered occurrence, such as repairs to the home and its contents, legal defense costs, and rental housing. On the other hand, landlord insurance protects the landlord against the specific dangers that come with renting out a property. This entails responsibility claims resulting from tenant injuries or property damage, as well as loss of rental income as a result of tenant eviction or property damage.

Investment owner/landlord insurance protects you against the liabilities of renting out your property. If you own a rental property, landlord insurance may ensure that you are completely protected. Landlord insurance is designed for non-owner-occupied residences and covers features of your rental properties that other insurance policies do not cover. Some of the things that landlord insurance covers are:

  • Personal property owned by the landlord that is used to maintain or service the rental property, such as appliances or tools.
  • Liability coverage to help pay for medical and legal fees.
  • Property damage or loss of rental income caused by natural disasters, such as fire, storm, or flood.
  • Tenant-related risks, such as rent default, unauthorized alterations to the property, or theft by a tenant.

 

It is critical to thoroughly review the terms of a landlord insurance policy. You can avoid surprises or unexpected fees in the case of a claim by understanding the policy’s terms. Know what is and isn’t covered, as well as any limitations or exclusions that may apply.

Landlord insurance premiums may be tax-deductible as an expense related to the rental property, allowing landlords to deduct the cost from their taxable income. However, the rules around deductibility can be complex and the amount can be limited by other factors. To determine if landlord insurance premiums are tax-deductible, it’s recommended that landlords consult with a qualified tax professional or refer to official IRS guidance.

 

Protecting your investment is a top priority for Real Property Management Affiliates. We can point you in the direction of the right insurance policy, protecting you and your tenants from the unknown. Our full-service property management in Memorial Villages is planned to help you save money, make more money, and safeguard your investment in real estate for years to come. Call us at 713-429-0411 or send us an email to learn more about our property management offerings.

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