Landlord Liability Insurance
Owning rental properties can be a smart investment but it is essential to protect that investment against vandalism, fire and theft; protection against troublesome, lawsuit-minded tenants; and protection against other disasters.
What Kind of Landlord Insurance Do I Need?
Landlord Insurance programs offer several options that can be tailored to your requirements in terms of both the scope and value of coverage.
Your key options include:
- Landlord Liability Insurance: This protects you against legal and medical costs if someone is injured (or even killed) in an accident on your property and you’re held responsible. It will also cover you for damage to others’ property, again if you’re held to blame — for example, damage to another apartment from your leaky pipes.
This is a huge risk for landlords. It’s not just about problems caused, for instance, by loose fittings or broken equipment, but also bad or illegal activities by your tenants that you don’t take action to stop. It’s your responsibility.
Landlord Liability Insurance will also protect you against lawsuits if you’re accused of evicting a tenant without following legal rules or if a would-be tenant accuses you of discrimination.
- Property Insurance: This coverage can protect you against damage or loss to your properties from perils like fire, theft (of your own possessions), vandalism and certain natural events like storms.
Landlord Property Insurance can also cover outside facilities like swimming pools and storage sheds, as well as maintenance tools.
- Loss of Rental Income Coverage: Protects you if you lose rental income as a result of an insured event, such as a fire that makes your property uninhabitable.
- Actual Cash Value or Replacement Cost: with our variety of markets you will have the opportunity to decide if you want to insure your buildings for Actual Cash value or Replacement cost.
- Additional Insurance Coverage — These might include Flood Insurance and Umbrella Insurance — a type of policy that kicks in if the financial limits of your standard policy aren’t enough.
You may also need to provide Workers Compensation Insurance, which is a legal requirement in Louisiana if you employ anyone directly.
Do I Need Landlord Insurance?
If you rent out property, almost certainly, yes. But if you rent out part of the home you live in, it may be possible to add coverage to your existing homeowners insurance. Talk to us about this.
√ We have been landlords ourselves.
√ We work with multiple companies, so we can shop around to secure competitive rates.
Fill out the Request a Quote form on this page or call our office today 225-775-7614 to speak with one of our Licensed Agents.