Habitational insurance is a form of liability insurance that provides coverage for landlords for claims arising from injuries to tenants or damage to rental properties due to storms, fires, theft or vandalism. In certain locations, this type of insurance policy can also include earthquake or flood coverage.
Landlords are able to benefit from acquiring habitational insurance for a condominium, an apartment complex or any other similar type of rental property.
Areas Of Habitational Insurance Coverage
Most habitational insurance policies typically include four primary areas of coverage. This includes protection for the landlord and the tenant, legal costs, natural disasters, and theft or damage from other criminal activity.
Landlord & Tenant Protection
First and foremost, a habitational insurance policy will protect both you (the landlord) and your tenants. This type of policy covers incidents of vandalism on residential properties; specifically, it will pay for any damages to your property (e.g. walls, floors, etc.) and its contents (furniture, HVAC systems, etc.) that result from such actions, which can often be expensive to repair. As with any other type of policy, be sure to ask your insurer about your coverage limits.
Legal Costs
If a tenant sues for an injury he/she sustained on one of your properties, a habitational policy can provide for the associated legal fees. The sum of these costs will vary based on specific factors including the nature and severity of the injury and the state where the event occurred.
Coverage Of Natural Disaster Costs
A habitational insurance policy can also cover the costs of repairing or replacing structural damage resulting from natural disasters such as storms and fires.
Helps To Provide Protection Against Theft
Another area for which habitational insurance provides coverage is protection against incidents of theft. This type of coverage protects you against losses of property belonging to other individuals that are on your premises. Once again, you should remember to ask what your limits for theft coverage are and whether all types of personal belongings (including high-value items) are included.
Provides Security To Your Investment
Your rental properties represent a significant investment; therefore, it is important to protect your assets with the appropriate type and amount of coverage. The financial damage from a single occurrence of injury or vandalism could take a long time to recoup without the benefit of insurance coverage.
Contact Our Specialty Insurance Experts
Reach out to the professionals at 1st Insurance Group for more information about habitational insurance and its benefits. We are dedicated to serving as one-on-one advocates for each of our clients, regardless of their unique insurance needs and budget. We offer a wide range of carrier options and strive to form long-lasting relationships with our clients.
If you are a landlord who owns or rents one or more properties, (e.g. condominiums, apartment complexes, etc.) you should strongly consider acquiring habitational insurance. Our policies will protect you from natural disasters such as fires and storms, as well as incidents of theft and vandalism. They can also cover all related legal costs. Habitational insurance serves as the closest thing to blanket protection for your property.
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