Homeowner’s insurance is a form of insurance that you may have encountered if you have bought a house before. Home insurance usually provides coverage for the home and its contents, liability claims against the homeowner, and loss of use of the home due to a covered event. Landlord insurance is a type of insurance that offers coverage for the specific risks that come with renting out a property. The possible dangers for property owners include damage to their property caused by tenants, loss of rental income due to property damage or tenant eviction, and liability claims that may arise from tenant injuries or property damage.
Investment owner/landlord insurance protects you against the liabilities of renting out your property. If you own a rental property, landlord insurance may ensure that you are completely protected. Landlord insurance is designed for non-owner-occupied residences and covers features of your rental properties that other insurance policies do not cover. Some of the things that landlord insurance covers are:
- Personal property owned by the landlord that is used to maintain or service the rental property, such as appliances or tools.
- Liability coverage to help pay for medical and legal fees.
- Property damage or loss of rental income caused by natural disasters, such as fire, storm, or flood.
- Tenant-related risks, such as rent default, unauthorized alterations to the property, or theft by a tenant.
Reviewing the terms of a landlord insurance policy is crucial. To prevent unexpected fees or surprises during a claim, it is important to comprehend the terms of the policy. It is important to understand the coverage, limitations or exclusions that may apply to your policy.
Landlord insurance premiums may be tax-deductible as an expense related to the rental property, allowing landlords to deduct the cost from their taxable income. However, the rules around deductibility can be complex and the amount can be limited by other factors. To determine if landlord insurance premiums are tax-deductible, it’s recommended that landlords consult with a qualified tax professional or refer to official IRS guidance.
Real Property Management Indianapolis Metro acknowledges the significance of safeguarding your investment. Our services include guiding you toward the appropriate insurance policy to ensure that you and your residents have sufficient protection against unforeseen events. The Marion property management services offered aim to minimize your expenses, increase your earnings, and safeguard your real estate investment for the long term. To learn more about our property management services, you can either contact us online or call us at 317-484-8444.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.