Landlord | Commercial Property Insurance
Insuring: Beverly Hills, Santa Monica, West Hollywood, Brentwood, Culver City, Los Angeles, Calabasas, Marina Del Rey, Manhattan Beach, Redondo Beach
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Here in Southern California, rent tends to run high. This is a very cutthroat real estate market, and if you are a landlord, you have to keep your investment secure.
Owning a rental home is just as expensive as the rent. The average property value in Beverly Hills is more than $3.4 million. Any landlord could therefore lose a lot of money when a problem occurs on the property. By getting appropriate property insurance with the help of Medwin Insurance, you’ll go a long way towards reaching your goals of full property security.
What insurance policies do landlords need?
The right insurance can help landlords recoup some or all of the financial losses they might incur repairing damaged property or settling damage costs with tenants. If you are the landlord of private homes, condos or apartments, you’ll likely need landlord insurance. Owners of commercial properties might need the similar, but more specific coverage provided under a commercial property policy.
What does landlord insurance cover?
You might own a single rental home or numerous properties. Each will be its own insurable asset. The coverage that is applicable to these properties usually includes:
- Dwelling/Structure Coverage: Damage to the rental home and other structures from fires, burst pipes, storms, theft or vandalism can receive coverage for repairs or replacements.
- Landlord Liability Coverage: There could come a time when a third party on the property, the tenant included, could suffer injuries or property damage and hold you responsible. This coverage can help you compensate them for their losses.
- Loss of Use/Rental Reimbursement Coverage: In case a damaging event means that a renter has to move out for a period of time, this coverage can help you recover the lost rent.
- Landlord Contents Coverage: Possessions on the rental property that belong to you, such as appliances, furnishings and tools you use for repairs, can receive coverage.
Depending on the types of properties you own, you might need separate policies to apply to each property. However, if you own multiple units on the same property, such as several condos or apartments on a single lot, then a single policy might be able to cover you.
I own my home, but have a roommate. Do I need landlord or homeowners insurance?
You remain a landlord even when you share your house with a roommate who rents from you. Therefore, you’ll likely need homeowners insurance that has been adjusted to fit your new living arrangements. Speak to your agent to determine what adjustments you need to make to your policy.
What does a commercial property insurance policy cover?
If you own a commercial building, like an office building or apartment complex with multiple units, then you’ll need many of the same policies that individual landlords need. The coverage limits and terms will need to apply specifically to the risks present within such operations.
Additionally, if you own and operate these properties as a full-time business, then you’ll probably need additional business insurance coverage, such as:
- Personal injury insurance: Coverage helps you protect yourself from allegations of libel, slander, advertising injuries or copyright infringement in your business practices.
- Workers’ compensation insurance: This coverage pays employees for lost income and medical bills if they get injured on the job. Most business have to carry this coverage, by law.
- Cyber liability insurance: Use this coverage to recover sensitive data and protect tenants from identity theft in case of computer system damage or hacks.
- Professional liability insurance: Coverage can insure you in cases where mistakes in your services cause financial losses for clients.
- Commercial auto insurance: If you drive a vehicle regularly to visit or service properties, you might need commercial auto insurance.
Furthermore, if you have an office location away from the actual property you manage, you’ll also need property, contents, business interruption and liability insurance to apply to that location. In many cases, you can get some of this coverage through a Business Owners Policy, also called a BOP.
Why do I need commercial property insurance?
The simple, straightforward reason property managers need commercial insurance is because you can’t insure a rental property with standard homeowners insurance. You need specialized coverage because rental properties are business assets that could sustain significant losses in case problems arise. The right coverage makes sure that you can financially cope with the losses you might experience.
Do tenants need renters insurance?
As a landlord, it’s important that you require your tenants to carry renters insurance. Coverage can contain protection for personal property that apply specifically to the renter’s personal investment in the property. By requiring renters to buy coverage, you’ll be able to protect your own assets in case claims arise, and ensure that tenants can protect theirs.
Getting landlord insurance might seem tricky, but don’t worry about struggling to find the most-appropriate coverage for your property and ownership risks. Instead, contact Medwin Insurance at 310-282-8331 or request a free online quote now!