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There are tens of thousands of successful landlords in Indiana. Although the state of Indiana doesn’t require these business people to have landlord insurance, the smartest landlords always carry it. Policies vary, so it’s essential to discuss your coverage needs with your agent at Completely Independent Insurance Agency serving Zionsville, IN.
Here are some common areas that landlord insurance may cover:
Coverage For Tenant Damage
Malicious tenants may intentionally damage for retaliation against a landlord or simple irresponsibility. Today, addiction to illegal substances is also prevalent, which can lead to violent acts against rental property. Landlord insurance protects owners from these kinds of losses.
Rent Guarantee/Loss of Rent
Some landlord insurance policies protect owners from failure of tenants to pay rent. If some kind of problem arises where a tenant skips several months, landlord insurance may cover that loss until such time as an eviction can be arranged.
Legal Expenses
Depending upon the policy, a landlord’s legal expenses pertaining to an eviction may be covered. This is a substantial benefit since there are several fees to be paid, including sending the sheriff with the eviction notice and more.
Landlord Liability
If a tenant, a contract worker or an employee working for the landlord is injured on the rental property, landlord insurance may cover that liability, even if the landlord is sued.
Risk of No Coverage
Without landlord insurance, rental property owners risk losing their investment. Just one instance of tenant damage, rental income loss, or a lawsuit could result in expenses that lead to the necessity of selling off the property to pay for related expenses.
Consult With Us
The smartest thing you can do as a landlord is to discuss options with your agent at Completely Independent Insurance Agency serving Zionsville, IN. Contact us today for a consultation.