Landlord Insurance – A Clearer Explanation

Written By: Chimerenka Odimba on September 27, 2010 No Comment

If you were asked to explain the difference between home insurance and landlord insurance would you be able to do so? The difference between paying a steep or cheap price as a homeowner could lie in knowing the difference between these two. Enough of the introduction already. Here are a few differences.

First, let’s look at the difference between the two situations. I assume this should be a good way to clearly show the difference.

Homeowner insurance is what you would need if you both own a home and live in it. If however you own a home but do not live in it rather you have it rented out to a tenant, then you would be needing a landlord insurance. Let’s look at the reason for the different needs.

Between a tenant and a landlord who would most likely look after the property more? That is the base of the argument. As a result of this, your insurer would want to know if you live in the house yourself or have it let out to a tenant. This information would of course form a major basis for the home insurance policy you are going for.

If you live in your home, then you can’t make a claim on a damage done to your property by you as your insurer would not honor the claim. In most cases, making such claims could resulting in the insurer filing charges against you for trying to defraud. On the other hand, should one of your tenants cause a damage to your property, you could make a claim and be paid on your claim. It would be regarded as a malicious damage.

Based on the above explanations, I assume you have a better understanding of the logic behind the difference.

Landlords, how can you save money as you get what you need, a landlord insurance policy?

One singular thing that can really have an impact on your coverage is the people you let your home out to. You would do well to consider more of professionals and people with a steady and disciplined life style since this would impact positively on your insurance rates.

Lastly, be sure to get and compare as much free home insurance quotes as you can. Get free home insurance quotes and be sure of enjoying the lowest rates possible.

How Do I Start Getting Quotes? Start from these links Affordable Home Insurance Quotes and Free Home Insurance Quotes Chimerenka Odimba is the publisher of several finance based sites.