What is Landlord Insurance?

Today we are going to explain what landlord insurance is and why you need it. Basically, landlord insurance is a policy that protects homeowners that want to rent out their property. It generally covers damages like fires, burst pipes, or some natural disasters, plus offering liability protection if a tenant or guest wants to sue you. Depending on the state of your property, whether it's occupied or not, and the location, you may want to add some additional coverage to ensure your landlord insurance covers your needs.

Is landlord insurance required? While it's not required by law, landlord insurance can help save you from catastrophic losses that may happen while managing a property.

What are the costs? A landlord insurance policy will typically cost about 25 percent more than a standard homeowner's insurance policy on the same property. Renters historically have a higher probability than homeowners of causing damage to a property that results in a claim, so insurance underwriters have adjusted the premiums to match the increased risk.

To find out more, go to steadily.com and get your free quote in two minutes.