For the wise homeowner who utilizes their property to generate income by renting it out for an extended time period – typically defined as several months or longer – landlord policies are essential. These policies offer seriously advanced protections like:
- Liability coverage for potential injuries of guests on the property, including any resulting legal and medical expenses.
- Loss of income coverage for rental properties unable to be monetized in a specific time period due to repairs associated with a covered loss.
- Comprehensive physical & personal property coverage regarding any home maintenance equipment or appliances, as well as structural losses caused by natural phenomena.