What is Landlord Insurance?
San Antonio Landlord Insurance is designed to protect property owners who rent their holdings to other people as primary a residences.
Landlords face unique and significant liabilities and risks in making their properties available to tenants. Landlord insurance, also known as “tenant insurance,” is not always required by law, but property owners should nevertheless ensure that both themselves and their tenants are protected with proper San Antonio Landlord Insurance.
What Does Landlord in San Antonio Insurance Cover?
Landlord coverages and their amounts can fluctuate from one policy to the next. With a landlord protection policy you receive a range of incident coverage, as well as protection for the physical building and additions to the building. Incident coverages include:
- Landlord Liability Coverage- Liability coverage protects you, the property owner, from liability claims arising due to bodily injury and property damage suffered by tenants.
- Loss of Income Coverage- It’s quite possible that, in an emergency, you could be obliged to temporarily suspend operations of your rental property. If that happens, loss of income coverage reimburses the property owner for lost income during said closure.
- Equipment Breakdown Coverage- Equipment breakdown coverage reimburses the property owner for damages to insured property caused by mechanical failures of insured equipment.
Heating or Air Conditioning Loss Coverage- Heating or air conditioning loss coverage reimburses the landlord for payments made to a tenant if a mechanical failure causes complete loss of heating or air conditioning in a tenant residence.
- Tenant Move Back Coverage- If an insured event forces you, the landlord, to temporarily relocate tenants to alternate lodgings, tenant move back coverage helps defray the cost of moving them back home after the property is again deemed livable.
Building coverage protects the physical building that the tenant resides in, as well as other additions to the property. In addition to tenant buildings, other covered structures can include:
- Storage Buildings
- Swimming Pool
In addition, building coverage also protects any of the landlord’s personal property he/she may use to maintain and/or service the property.