Landlord Insurance – A Clearer Explanation

Written By: Chimerenka Odimba on February 22, 2010 No Comment

When you see Landlord insurance and then again homeowner insurance, do you get confused and wonder if they are the same? 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.

It is the need that determines the coverage and to understand the need, we need to examine the situations closely. I think that would be the easier way to understand the difference in the two coverages.

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. These are the reasons.

Between a tenant and a landlord who would most likely look after the property more? That is the base of the argument. The insurer knows you would take more care of your home because you have a vested interest in it unlike a tenant who can simply pack up and leave at the slightest urge

For homeowners who live in their homes, damages to their property caused by them are not claimable. They have to sort themselves out. In fact, depending on the nature of the damage, you could be charged with a criminal charge if you make a claim. 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.

Let’s try to look at ways to save on this type of policy. The landlord insurance policy.

The first thing you need to be aware of is that insurer put into consideration the type of people you take in as tenants. Letting out your house to people perceived to be stable, have a steady source of income and generally responsible like professionals would be greatly to your advantage.

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