What Is Landlord Insurance?
If you own a rental property in Fremont, NE, you need landlord insurance with a policy to protect your investments. Your homeowner’s policy will not cover damage or your liability unless the property is your primary residence. Even if you rent your home for only a short time, you most likely will not be covered unless your homeowner’s policy is amended with an explicit rider for short-term rental protection.
What Does Landlord Insurance Protect in Fremont?
Landlord insurance in Fremont provides much of the protection of your standard homeowner’s policy, such as loss from fire, storms, and other included events. It will also include additional coverage you may provide in the rental should it be damaged due to a covered loss as outlined in your policy.
One of the most important features is protection from loss of income if the property is damaged. If the property cannot be inhabited, you will still have the income to offset ongoing expenses until you can start receiving rent again. Your policy will also cover liability if your tenant or guests are injured on your property.
If a tenant causes major damage to the Fremont property the landlord insurance policy may cover repairs, but careful attention must be given to be sure of what your policy will cover. A hefty security deposit is a good way to prevent damage from tenants.
What Isn’t Covered?
You will not be covered for loss of income because a tenant does not pay. Normal wear and tear on the property will not be covered, nor will breakdowns of landlord-supplied appliances or systems such as air conditioning and heating, or a hot water heater.
Water and sewage backups are usually not included under a basic policy. Likewise, flood or earthquake insurance will require separate coverage much like your normal homeowner policy.
Your landlord insurance policy will not cover the personal property of your Fremont tenant in cases of storm damage, fire, or theft. As a prudent landlord, proof of renter’s insurance from the tenant is a good way not only to protect yourself but to help the tenant protect their property in Fremont and avoid tenant damage misunderstandings.
At Eric Luebbe Insurance, we offer policies that will protect your home. We work with many companies to structure the right protection for you. Your individual agent knows you and can find the best plan for your situation. Call today for a quote and as always, we are here to serve you.