If you own a home or a property in California, aside from your residence, that you’d like to start renting to tenants there are many things you need to know.
Being a landlord is more than just collecting money every month; you as the property owner need to be prepared to fix any damages done by storms, fire, or water, or damages left behind by previous tenants.
You never know what is going to happen and being prepared is your first step to having peace of mind that your assets are protected.
This is where landlord insurance comes into play.
Landlord Insurance In California
California landlord insurance is a policy held by California property owners who want to rent out space to tenants.
This is a different type of policy compared to homeowners insurance and it’s important to note that homeowners insurance will not cover properties owned by you but not lived in full time.
Landlord insurance, even though is not legally necessary to have, it is still highly recommended to anyone renting out their property.
You spent time and money buying the property, fixing it up, and getting it ready to rent, so why would you not want to insure it? What happens when an incident occurs and damages are done? Will you be ready to pay out of pocket for the repairs?
Like anything you own of value, it is important to protect your rental property and yourself in case something happens.
What Does Landlord Insurance Cover?
You may find that landlord insurance is similar to your homeowners’ policy in some ways but there are unique features that set landlord insurance apart from typical homeowners insurance.
Landlord Insurance Covers:
- Property
- Covers the property and any personal property of yours in the rental in case of weather related incidents, fire, flood or tenant damage.
- Income
- Reimburses your lost income due to not renting out the property in order to make repairs.
- Liability
- Protects you and helps to cover any legal fees, medical bills or otherwise if a person is injured on your property.
There are other additions you can add to your policy as well so it’s best to discuss with an experienced insurance agent to ensure you get exactly what you need.
Landlord Insurance Vs. Renters Insurance
Now, even though you have landlord insurance, you still want to advise your tenants to purchase renters insurance to cover their personal property.
Many landlords actually make it a requirement that their tenants have renters insurance so they can ensure everyone is protected.
Renters’ insurance covers things like lost property, personal liability, living expenses if your rental becomes temporarily inhabitable, medical expenses for injured guests and more.
Need Landlord Insurance In California? See Insurance By Castle
If you are ready to start making extra income by renting out property to tenants, it’s time to get landlord insurance.
Protect your assets and give yourself peace of mind that you are covered in case of an incident.
Here at Insurance By Castle, we can help you get the proper coverage for any property and help your tenants get the proper policy as well.
To protect everything you own with the right insurance policy contact us today to get a quote!
