Do you rent out properties for housing or business use? You should be aware of landlord protection insurance. Even if you have property insurance, there are unique risks that go with being a landlord. You might face:
1) Claims that you were negligent in maintaining a property
2) Court actions for wrongful evictions or discrimination
3) Damages and court costs that you slandered or libeled a tenant
4) Property damage caused by a tenant that would not be covered by other forms of property insurance
Landlord protection covers these issues. It can provide resources for lawyers’ fees, court costs and any damages or settlements you have to make. It can also provide reimbursement for property damage caused by tenants.
The coverage and protection offered by landlord protection policies can vary by insurance provider. An independent agent can help you review your options, which may depend on your personal financial assets, whether you rent residential or commercial properties and how many units you own.