If you’ve ever bought a house, you probably have some knowledge of homeowner’s insurance. This kind of insurance often covers loss of use of the home as a result of a covered incident, liability claims against the homeowner, and damages to the home and personal property contained inside it. On the other hand, landlord insurance offers protection for the particular risks connected with renting out a home. This includes liability claims resulting from tenant injuries or property damage, loss of rental income owing to property damage or tenant eviction, and damage to property brought on by renters.
Investment owner/landlord insurance protects you from the liabilities of renting out your property. If you own a rental property, landlord insurance may guarantee your complete protection. Insurance for landlords is intended for non-owner-occupied residences It covers elements of your rental properties that aren’t covered by other insurance policies. The following are a few things that landlord insurance includes:
- Landlord-owned personal property used to maintain or serve the rental property, such as appliances or tools.
- Liability coverage to help pay for medical and legal fees.
- Property damage or loss of rental income caused by natural disasters, such as fire, storm, or flood.
- Tenant-related risks, such as unpaid rent, improper property modifications, or tenant theft.
It is essential to fully review the terms of a landlord insurance policy. You can avoid surprises or unexpected fees in the case of a claim by understanding the policy’s terms. Know what is and isn’t covered, as well as any limitations or exclusions that may apply.
Landlord insurance premiums may be tax-deductible as an expense related to the rental property, allowing landlords to deduct the cost from their taxable income. However, the rules around deductibility can be complex and the amount can be limited by other factors. To determine if landlord insurance premiums are tax-deductible, it’s recommended that landlords consult with a qualified tax professional or refer to official IRS guidance.
At Real Property Management Boston, we understand how important it is to protect your investment. We can assist in pointing you in the direction of the insurance plan you require so that you and your inhabitants are adequately protected against the unforeseen. Our all-inclusive Boston property management services are made to save expenses, increase revenue, and safeguard your real estate investment for many years. Please get in touch with us online or give us a call at 617-522-0099 if you have any questions regarding our property management services.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
