If you are renting out property to tenants, you should strongly consider adding the proper landlord insurance to protect you from possible issues with the house you are renting. Landlord insurance is typically broken down into 2 different types of protection for your rent property. Property Protection and Liability Protection are the two most common parts of landlord insurance in California, including Los Angeles and Long Beach.
Landlord Property Protection
This part of the policy protects the physical property related to the house that is being rented. It is broken down into 3 categories. First, Dwelling, covers the home itself from fire damage or wind or hail or other damage to the property. Second, Other Structures, protects parts of the house like a garage, fence or storage shed that is not connected to the house itself. Third, Personal Property for Maintenance, this protects equipment you store at the house to maintain it, like a lawnmower. It is best to discuss the details of each coverage with a landlord insurance expert to make sure you get the coverage you need.
Landlord Liability Protection
This part of the landlord insurance policy in California may protect you from another person’s medical bills or legal expenses if they are injured on your rental property and you were found responsible for the injury. This may happen if you fail to maintain a part of the house that results in a tenant hurting themselves, such as unmaintained stairs. This is also a great part of the policy to discuss with an expert. Because of its complexity, you want to make sure you have a trained expert go over the details with you.
Loss of Income
This insurance option may help compensate you if you lose income because a rental property is no longer inhabitable due to covered loss, like a fire or storm.
You may also want to consider additional protection for you landlord insurance in California. Some of these include Personal Umbrella Policy, Rental property under construction, Vandalism and burglary. These can give you additional protection against unique situations like burglary, or protecting the house while it is being renovated.
To discuss the coverage in more detail, talk to our California landlord insurance experts now – 877-845-7233