Understanding landlords insurance in Georgia
This post is for people that have a home that they rent out and for those that have investment properties.
An Atlanta landlords insurance policy covers rental properties such as town homes, condos, private homes or apartment buildings for losses due to severe weather, fires, break-ins etc. These fire dwelling policies may include any or all of the following kinds of coverage:
Remember that landlord property insurance covers losses for the building as well as the landlord’s personal property only. You owe it to your tenants to let them know they need to invest in their own renters policy. This policy covers for losses resulting from events such as storms, fire, theft, vandalism or tenant-inflicted damages.
Loss of income
What happens if your tenant moves out because of a fire? What will you do if you don’t have rental income coming in during the many months it takes to restore the property to good as new condition? Good News… If your rental property is damaged to the point that it is uninhabitable, this investment property insurance in Atlanta reimburses the owner/investor for lost rental income while repairs are made.
Landlord liability insurance protects against anyone getting injured on the rental property. It will cover the landlord’s expenses including medical payments, funeral costs, legal fees and settlement costs. Liability coverage also provides a measure of protection for a tenant’s personal property. For example, if the landlord neglected to repair the furnace and a resulting burst water pipe ruined a tenant’s art collection, the tenant could file a claim against the landlord for reimbursement.
In addition to these options, land lord insurance may also cover natural disasters or rent guarantees. However, this insurance does not cover loss or damage to the tenant’s personal property due to events that are not caused by the landlord’s negligence.
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