Missouri Landlord Insurance
On a cold winter day in Missouri not too long ago, a tenant had a visitor over to see the apartment into which she just moved. Unfortunately, the landlord had not yet had time to properly clear the snow and ice from the parking lot. As the visitor was leaving, she slipped in the drive and broke her wrist. Since the upkeep of the parking lot is deemed the responsibility of the property owner, he was accountable for the resulting medical expenses.
At another rental property, the landlord always keep his gardening tools and equipment in a locked shed on the property. This was so he could access them easily for lawn maintenance when necessary. Late one night, someone broke the lock on the storage shed and stole the equipment that was housed there.
Fortunately, both of these property owners did not have much to worry about financially. The reason for this is because they both took the time to make certain that their properties were adequately protected through proper insurance. Therefore, they did not have to pay any money out of their own pockets.
Protect Your Investment
Property owners who rent out homes, apartments and condos to tenants need to have the right Landlord Insurance policy in place to protect their investment. This policy is sort of like homeowners insurance, but for property owners.
Just like with a normal Home Insurance policy, a Rental Property Insurance policy covers the structure. Your finances can be protected in a number of different damaging events, such as fire, severe weather and criminal acts. In addition, your policy can also provide you with coverage against injuries that someone sustains while on your property when the fault is yours due to negligence.
A basic insurance policy can provide coverage for structural damage to the apartment complex or rental home. It can also provide coverage for fences, garages, retaining walls, swimming pools and sheds. The building coverage part of your policy can also include coverage for the maintenance equipment and gardening tools that you own personally and keep stored on the property. The general liability part of your policy can pay the expenses related to the injuries and accidents that take place on your property.
One of the main differences between regular homeowner insurance and Landlord Insurance is that you will not need to invest in coverage for any personal property, such as jewelry or clothing. The tenants that live in your apartment building or rental home should be responsible for obtaining their own renters insurance policy to cover their belongings. With exception of your tools and equipment associated with the maintenance of your property, you may not need to have coverage for personal property.
On the other hand, if the homes and apartments that you lease to your tenants are furnished, you may need additional coverage. In this case, you will need to also invest in contents coverage that will provide protection for the belongings that you offer in the leased space.
Additional Coverage Options That You May Want To Consider
Even though a basic Missouri Rental Property Insurance policy can provide you with coverage for the typical claims and problems that you will face as a property owner, you may also want to think about investing in a few additional coverage types, such as:
- Legal Fee Coverage - If a legal claim is filed against you, several potential costs could arise in association with the case. The legal fees along could be enough to put you out of business for good. Your liability coverage is specifically designed to help you with the cost of such litigation.
- Lost Rent Coverage - In the event that your rental property is no longer inhabitable due to a flood, fire or damage that a tenant caused, you could lose much needed income. However, with the right coverage you could be compensated with replacement income during that time to help you stay on your feet while repairs are being made.
- Additional Business Insurance - For instance, if you have a staffed office that is responsible for handling books, accounting and other record keeping you will need this additional coverage. In addition, you may also need to invest in business fraud insurance as well.
- Umbrella Liability Insurance - This portion of your Rental Property Insurance is designed to provide you with additional coverage in the event that the cost of an injury or accident for which you are found responsible exceeds the limits of your primary liability policy. This includes coverage for legal claims, property damage and bodily injury.
- Workers Compensation - If you employee a staff for building maintenance or grounds keeping, then you will need to invest in workers compensation to protect those employees in the event that they are ever injured during the course of doing their job.
Capstone Insurors has a number of clients in this area and extensive experience with helping landlords protect their investments with the right coverage. Simply fill out the free quote form to find out how we can help you with affordable insurance today.