As a landlord in Wernersville, Reading, Myerstown, Sinking Springs, Wyomissing, Robesonia, PA, and the surrounding areas, you have rental property primarily as a way to generate income. If something were to happen to your rental property, that could stop that income for a period of time. This is where landlord insurance from Stubbs Insurance Agency can really help to provide peace of mind and financial help when it’s needed most. While natural events like fire, wind, lightning, and other perils are protected against with landlord insurance, it does more than just cover these things. Your landlord insurance can provide for lost rental income, provides you with liability coverage in case someone gets injured on your property, as well as damage caused by a tenant. It is important that you don’t leave your property unprotected when having the right landlord insurance will keep your rental income stable month after month. Contact us today to review your landlord needs.
It Doesn’t Matter If You Have 1 Unit or 100 Units
Having landlord insurance doesn’t depend on the number of rental units that you have. The person who has a single rental unit needs landlord insurance just as much as the person who owns a 50-unit apartment complex. And because most rental buildings are financed, the lender will typically require landlords to have insurance on the property so that they can be made whole should something happen to the property until it is paid off.
Landlord insurance doesn’t just cover the building, but it can also cover the other structures on the property. Structures like detached garages, fencing, sheds, and other items can all be included in the landlord insurance. Also, personal property that is used for the rental that is stored there is also covered, such as lawn mowers or snowblowers that tenants use.
Don’t Confuse Home Insurance with Landlord Insurance
While there are plenty of similarities between landlord insurance and homeowners insurance, it is important that you get the right insurance for your rental properties. Owner occupied properties have a different risk profile compared to non-owner-occupied properties, and landlord insurance takes into account the idea that issues will not be reported as promptly by renters as they would be if it were the owner that lived there.
While it is important that landlords in Wernersville, Reading, Myerstown, Sinking Springs, Wyomissing, Robesonia, PA, and the surrounding areas have the right property protection for their building, renters also need to have their own policy to protect their belongings. Stubbs Insurance Agency has been helping people protect their property for more than 40 years and can help you do the same with yours. Contact us today to review your landlord insurance to ensure that you have the right coverage level in place.