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Landlord insurance is a type of insurance policy that protects property owners who rent out their property. It’s also referred to as rental property insurance. While landlord insurance is often confused with homeowner insurance due to the similarities in their general coverage, it’s vital to note that only landlord insurance can be used to protect rental property.
According to Steadily, comprehensive rental property insurance policy will cover:
Additional coverage you may want to pursue to protect your investment further:
Keep in mind that the amount and type of additional coverage vary from insurance provider to insurance provider.
Typically, landlord insurance costs about 25% more than a typical homeowner insurance policy. If the average premium for home insurance is around $1,200, a landlord insurance policy premium could cost you roughly $1,500. Once again, this cost depends on the type of coverage and the insurance company you choose.
To be clear, additional factors, such as the home’s location and condition, impact the cost. For example, a house in California will probably cost more than the average because it’s worth twice as much in conjunction with the increased risk of wildfires.
Of course, the more comprehensive your coverage, the more expensive the policy will be.
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