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How "landlord Insurance" Works And Why You Need | Landlords And Renters Need Insurance - At Ai-Tube.com

How "landlord insurance" works and why you need Landlords and Renters Need Insurance 2 days ago   03:23

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Hoffman Realty LLC
https://www.hoffmanrealty.com/how-does-landlord-insurance-work-and-why-you-need-it/

Want to know how Landlord insurance works for you? Learn it from "Tampa Property Management".

Hoffman Realty LLC
3900 W Dale Ave Tampa, FL 33609
(813) 875-7474
https://www.hoffmanrealty.com

Successful landlords know, if you plan on renting your Tampa Bay property, you will need "landlord insurance". This insurance helps protect you from any financial losses associated with your rental property. If you're going to be renting your personal residence, you most likely already have homeowner's insurance. When you rent your personal residence, you will need to convert your homeowner's policy to a landlord policy.

A landlord policy for your single family home or townhouse is called a "dwelling policy", for your condominium you usually need a "Rented to Others" rider attached to your your condo-owner's policy.

Keep in mind though that landlord's insurance differs from homeowner's insurance in a couple areas:

First, "landlord insurance" is typically less expensive than homeowner's insurance because there is no coverage for your personal possessions. Instead it covers things like lost rents if a covered hazard were to cause your tenant to vacate. For example, if a pipe were to burst in your rental and flood the property, thus, leaving it uninhabitable, your insurance will cover the damage. Not only will it cover the damage, but the rents you lost as well because you were unable to rent it during that time.

Secondly, when purchasing landlord insurance there are two types to consider: "All-Risks" or "Stated Risks". It's recommended, however, that you purchase the "All-Risks" insurance as it only differs by $50 to $100. For example, if a pipe burst and floods your home leaving the hardwood floors damaged, the "Stated Risks" policy may not cover the damage to your floors. Meanwhile, the "All-Risks" policy will cover all damages incurred. Therefore, be careful about going cheap on insurance; it may cost you more in the long run.

Lastly, it's important to know that as a landlord you increase your liability profile, so you should have public liability insurance. For instance, if someone trips on a skateboard left out by your tenant in front of your property and breaks their leg, they could try to hold you responsible for their injury. In this example, you'll be glad you had public liability insurance to pay for the costs associated with defending and/or settling the claim. The good news is that, on a dwelling policy, you can have $300,000 in public liability insurance for $25 to $50 a year, which is a very minimal amount in the scheme of things.

Also, if you are an especially affluent landlord with lots of assets, you may want to consider either a personal or business liability policy. This type of policy will provide you with an additional level of asset protection.
Having these extra levels of protection is something any landlord should not go without. So, don't put yourself or your investment at risk. Take control and protect yourself and your rental property.

Disclaimer: This information is solely a "Tampa Property Management" advisory. Any and all insurance decisions and actions should be made in consultation with your insurance agent.

Comments 8 Comments

derrick t
Great video & explanations!!!!
Hoffman Realty LLC
*How Does Landlord Insurance Work and Why You Need It?*

Landlord insurance helps protect you from any financial losses associated with your rental property.

A landlord policy for your single family home or townhouse is called a “dwelling policy”, for your condominium you usually need a “Rented to Others” rider attached to your condo-owner’s policy.
Keep in mind though that landlord’s insurance differs from homeowner’s insurance in a several areas, discussed further in our video.

http://blog.hoffmanrealty.com/how-does-landlord-insurance-work-and-why-you-need-it/

#tampapropertymanagement   #tampapropertymanagers   #insurance  
Hoffman Realty LLC
Successful landlords know, if you plan on renting your Tampa Bay property, you will need "landlord insurance". This insurance helps protect you from any financial losses associated with your rental property. If you're going to be renting your personal residence, you most likely already have homeowner's insurance. When you rent your personal residence, you will need to convert your homeowner's policy to a landlord policy.

A landlord policy for your single family home or townhouse is called a "dwelling policy",  for your condominium you usually need a "Rented to Others" rider attached to your your condo-owner's policy.
Keep in mind though that landlord's insurance differs from homeowner's insurance in a couple areas:

First, "landlord insurance" is typically less expensive than homeowner's insurance because there is no coverage for your personal possessions. Instead it covers things like lost rents if a covered hazard were to cause your tenant to vacate. For example, if a pipe were to burst in your rental and flood the property, thus, leaving it uninhabitable, your insurance will cover the damage. Not only will it cover the damage, but the rents you lost as well because you were unable to rent it during that time.
   
Secondly, when purchasing landlord insurance there are two types to consider: "All-Risks" or "Stated Risks". It's recommended, however, that you purchase the "All-Risks" insurance as it only differs by $50 to $100. For example, if a pipe burst and floods your home leaving the hardwood floors damaged, the "Stated Risks" policy may not cover the damage to your floors. Meanwhile, the "All-Risks" policy will cover all damages incurred. Therefore, be careful about going cheap on insurance; it may cost you more in the long run.

Lastly, it's important to know that as a landlord you increase your liability profile, so you should have public liability insurance. For instance, if someone trips on a skateboard left out by your tenant in front of your property and breaks their leg, they could try to hold you responsible for their injury. In this example, you'll be glad you had public liability insurance to pay for the costs associated with defending and/or settling the claim. The good news is that, on a dwelling policy, you can have $300,000 in public liability insurance for $25 to $50 a year, which is a very minimal amount in the scheme of things.

Also, if you are an especially affluent landlord with lots of assets, you may want to consider either a personal or business liability policy. This type of policy will provide you with an additional level of asset protection.

Having these extra levels of protection is something any landlord should not go without. So, don't put yourself or your investment at risk. Take control and protect yourself and your rental property.
Disclaimer: This information is solely a "Tampa Property Management" advisory. Any and all insurance decisions and actions should be made in consultation with your insurance agent.

http://www.tampa-property-management.com/blog/how-does-landlord-insurance-work-and-why-you-need-it.html
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Landlords and Renters Need Insurance How "landlord insurance" works and why you need 2 days ago   02:48

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You should have insurance that protects others if your dog bites another. If you are a landlord, make sure you require your renters have proper dog bite insurance if they own a dog on your property. Dog bite lawyer David Ricks wants protection for renters, landlords and injury victims so no one has to suffer needlessly. Call 909-481-0100 or go to http://www.davidrickslaw.com/

Welcome, I am David Ricks and I am a personal injury trial lawyer in Rancho Cucamonga and the principal of the Inland Empire Law Group. I want to talk to you about situations that we often see here at our office. Our office handles dog bite cases, and many times we see cases where the dog that has caused the injury is owned by a renter at some ones home. Unfortunately, that renter doesn't have assets nor liability insurance. And then the person who was injured has to try and figure out how they are going to get compensation for their injuries often they will try and turn to the landlord this can be fairly difficult because if the landlord didn't know about the dog, didn't know about the proficiency of the dog to be vicious then many times that landlord will not be help responsible for that injury as well and so the person that is hurt is left without a right or remedy to get the proper compensation that he or she deserves. This video is intended is strictly intended for homeowners and renters. Please, make sure that your insurance covers dog bite claims because if it doesn't there is the real potential that someone who is seriously injured will peruse a claim against you particularly and against your assets. But if you have the right insurance to protect you against any injury caused by any animal on your property or caused the tenant at your property from their dog then you are protected, and then in return you protect other people that may be harmed by a dog that may be vicious or dog that just so happens to bite someone and had no prior tendency before. If you have been injured by a dog you need to contact an attorney to investigate all the options that you have for recovery from that injury. Here at the Inland Empire Law Group, we handle dog bite cases professionally and in a away that we can try and obtain the best compensation for you. Give us a call and see what we can do to help you.