What is Landlord Insurance?
Landlords have a lot invested in the properties that they rent, and they need to protect their investments. Landlord insurance provides Massachusetts landlords with a way to protect their properties from a number of potential risks.
Landlord insurance is a specialized form of property insurance that’s designed for people who rent residential properties. Landlords use landlord policies to insure single-family houses, condominiums and multi-family buildings that they lease to tenants.
What Coverages Do Landlord Policies Offer?
Landlord policies, like many property insurance policies, offer a variety of coverages. Two main coverages that most landlord policies have are landlord liability insurance coverage and landlord property insurance coverage.
Landlord liability insurance coverage helps protect landlords from potential liability lawsuits. For example, a policy’s landlord liability coverage might cover expenses associated with lawsuits filed by tenants who were injured and believe the landlord is responsible for their injury. In most cases, landlord liability insurance coverage will pay for both legal expenses and settlements (up to the coverage’s limit) for any covered lawsuits.
Landlord property insurance coverage is used to insure a landlord's physical property against certain perils. A policy, for instance, might protect a leased building and any secondary structures (e.g. a detached garage, fence or shed) from fire, vandalism, burglaries and similar incidents.