Landlords are responsible for insuring the building they own and the property it is located on. Landlord insurance provides coverage for property damages that include;
- Walls, floors, heating/cooling systems, fixtures, and any furnishings included in the rental
- Loss of rental income, if tenants must leave the rental as a result of the above damages
- Legal defense expenses if a tenant or their guests are hurt or suffer damages
Contact your insurance provider if you are considering renting out any part of your personal dwelling for any length of time. It is important to ensure you are covered for rental situations.
Tenant insurance protects the contents of the unit you are renting. This type of policy provides coverage in the event of a break-in involving theft of your belongings, as well as damages caused by a storm or fire. Tenant insurance also limits your financial liability in the event a guest is injured or property is damaged.