Landlord insurance is a specific type of property insurance that provides coverage for property owners who rent out their properties to tenants. It protects the landlord from financial losses due to damages or liabilities related to the rental property.
Landlord insurance is crucial for property owners as it offers several benefits. Firstly, it provides coverage for repairs or replacements in case of damage to the property caused by tenants, natural disasters, or other covered events. Secondly, it protects the landlord against liability claims from tenants or third parties due to accidents or injuries occurring on the property. Additionally, landlord insurance can cover loss of rental income if the property becomes uninhabitable due to a covered event.