Landlords’ Insurance; Who Needs It?
If you are a property owner in Newport, there is a very good chance that YOU do!
According to a 2019 HousingWorksRI study, 60% of all housing in Newport is designated Multifamily.
Landlord Insurance provides protection for your rental property beyond the limited coverage of your standard homeowners insurance. Available coverage includes:
- Property damage insurance
A landlord policy typically covers any physical damage to the home that’s caused by fire, bad weather or criminal activity such as a break-in. It also covers any additional buildings, including a shed or detached garage. Equipment, like lawn mowers and snow blowers kept on the property to maintain it, is also covered.
- Liability insurance
If someone is hurt while living in the rental property or visiting it, landlord insurance can help cover that person’s medical costs, legal fees and settlements.
- Loss of income insurance
If your rental property is damaged by a covered loss, such as a fire or tornado, and the damage keeps you from renting it out, most policies will reimburse you for the income lost during that time.
What Landlord Insurance does not cover:
- Tenant’s belongings ~ encourage your tenants to obtain Renter’s Insurance
- Ordinary repairs and maintenance
Owning rental property can be challenging at times, but purchasing Landlord Insurance is a safe way to protect your investment. Call us at 401-846-9629, we’ll put together a perfect policy for your rental property.
Content: Nationwide® 2021