Most building or home owners who rent out their properties to bring in money should get protection from a landlord insurance. Such policy can cover their losses of income by a tenant or any lost caused by a lawsuit. Generally, there are two different basic types of landlord insurance which real estate owner can purchase. One covers a part of your losses while the other covers most of it.
The one that covers only a portion of your losses is namely a peril policy. Their coverage will be stated clearly in the policy, thus any damage of property that is uncovered will not be responsible by them. On the other hand, a much more comprehensive plan will protect any loss unless stated in the insurance to exclude them. Obviously, the fuller coverage package will be more expensive.
Lots of the policies do provide coverage for the real estate including destruction caused by lighting, hail storm, wind and fire as well as damages from aircraft, vehicle, riot and sudden removal of property. Still, there are some companies who limit their coverage to one side only of either exterior or interior protection.
Besides that, like any usual insurance coverage they too have an additional protection called the endorsements but it requires an extra charge added to the basic policy. Medical payments, flood, earthquake and vandalism are some of the endorsements offered. However, if they are not listed you are getting no coverage on such damages.
Landlords insurance will only insure the real estate owner but not the renters. Hence, renters should purchase their own policy. In addition, renter’s insurance do covers the building, their own property and you, the landlord. Therefore, you should start protecting your home today and never wait until it is too late.