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Landlord Insurance Vs. Homeowner Policy

For landlords who have homeowner policies for their rental properties, since the needs of a landlord are different from homeowners, you might like to consider landlord's policy instead.

Both policies cover dwelling and liability. Homeowner policy covers personal property. Since a landlord does not live in the rental property, the landlord insurance covers payments for lost of rental income instead.

The costs for for both policies should be more or less the same. Please consult with your insurance agent for detail.

Posted by Caroline Tsou Chai on 08/08/2008 01:01 AM

Comments (7)

landlords

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7 Comments on Landlord Insurance Vs. Homeowner Policy

AUG

2008

Here in NY there is a big difference, a Commercial Package is about 3 times as Homeowner Policy.

Great post! This is an important distinction that owners who are considering renting should be aware of.

Of course they need to protect the building against damage by an accident or storm. They also need to protect the contents of the home, and this area probably gets a sizable amount of claims.

Mack

North Carolina Treatment Centers

Mack,

Yes, here in Los Angeles, earthquack insurance is a must. The protection of the contents of the home that belongs to the tenant falls into the area of renter's insurance.

Renter's insurance is always advised on the lease agreement we draft for our clients but is not mandatory by law. It is up to the tenant to decide whether they want insruace coverage for their personal belongings or not.

Caroline

Kin,

Here in Southern California, our policy for the same amount of coverage on dwelling and liabilities is more or less the same for both policies.

I wonder why it is such a big different in New York?

Caroline

FEB

DEC

All landlords and buy-to-let investors have to understand the needs to get the appropriate buy-to-let insurance.

We have come across quite a number of landlords who thought home insurance is adequate to cover their rental property.

For more information on landlord insurance or other buy-to-let insurance, visit Discount Landlord Insurance. We offer cheap insurance and help to all landlords and homeowners in the UK.

DEC

Also if the homeowners policy has a vacant or tenant clause, you may be paying for insurance that doesn't pay a claim. When looking at cost, a policy that pays is always less expensive than one that doesn't.

The Home Insurance Specialists

www.getgliga.com

Great Lakes Insurance Group Agency

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