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Landlord Insurance in Gaithersburg MD
In Maryland, 33.17% of households were renters (2019). Maryland is a landlord-friendly state and offers real estate investors a good ROI. The state has some of the highest annual gross rental yields of 28.5% in the nation. Though there is good opportunity, some of the risks that pose a threat to rental properties are:Hurricanes Severe Storms Tornadoes Earthquakes Winter StormsIt’s a safe choice to get landlord insurance for your rental property in Maryland!
Who needs landlord insurance in Gaithersburg MD?
Landlord insurance (also known as rental insurance) is a policy for people who rent their homes to others. Landlord insurance is not required for a landlord, but insurance can bring many benefits:
Because of modern safety codes, fires have become rarer, but the fires that do start tend to cause total destruction of the property.
Broken pipes and appliance leaks are the most common and overall the most expensive property damage for rental properties.
Windstorm, hail, & lightning
Roof damage from storms has become increasingly common as the intensity and frequency of storms have increased over the last two decades.
Liability protection covers the cost of defending you and settling claims from tenants and their guests for injuries sustained on your property.
Riot and civil commotion
When violent protests break out, riot coverage can pay to fix property damage caused by looters and protestors.
Vandalism & theft
Malicious mischief coverage, as it’s known, covers repairs to broken glass, graffiti removal, and replacement of stolen or damaged property like shared washing machines.
Injury protection can keep you from getting stuck with the cost of medical bills if a tenant or visitor gets injured on the property.
Many policies also include coverage for a long list of other perils such as riots or civil commotion, explosions, volcanic eruptions, and damage caused by vehicles.
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