Make Sure You Are Covered
As a landlord, it’s important that you hold a solid insurance policy for your property or properties. Since your property’s safety and repair relies on you rather than your tenants, it’s important to have plenty of information and a high-quality policy to ensure you are always covered in any situation. Learn about four key factors for landlord insurance today from the team at Gila Insurance Group LLC. Contact us to discover how we can help with all of your insurance needs!
The four main factors of landlord insurance you should know include:
- General liability insurance
- Aspects that impact your policy
- Extra coverages
- What is not covered
General Liability
The first thing that is absolutely necessary as a landlord is general liability coverage. This type of insurance policy will protect you if a tenant or guest injures themselves on your property. Without it, you could be held responsible and could face costly legal battles and fees.
Aspects That Impact Your Policy
In an insurance policy, almost everything about your property will have an impact. However, some of the main factors that may affect the price of your policy will include:
- Your property’s location
- The size of the property
- Pool
- Wood fireplace
- Proximity to a fire hydrant
- And much more
To learn more about the factors that go into considering a policy, you can reach out to our team today.
Extra Coverages To Consider
Each property will have a unique set of needs, which can be reflected in your landlord’s insurance policy. If you live in a high risk flood area, you may be required to have flood insurance. You also might want to have vandalism or burglary insurance options. And in some cases, building codes require certain types of permits or insurance.
What Isn’t Covered?
While many aspects of your property are covered in a landlord’s insurance policy, not everything is covered. Some of the things that are not covered include:
- Tenants’ belongings (they should have renter’s insurance to cover this)
- Maintenance
- Equipment breakdowns (water heater, refrigerator, etc)
Get The Coverage You Need
Make sure you and your property are always fully covered with the help of landlord’s insurance from Gila Insurance Group LLC. Contact our team today to learn more about landlord’s insurance and to get started with your policy.