At Lebowitz & Mzhen Personal Injury Lawyers, we understand the importance of safeguarding your investment as a landlord. A bespoke insurance policy can be a fortress for your rental property, offering protection from a range of mishaps such as fire, storms, burglary, and vandalism (note: earthquake and flood insurance are generally acquired separately). An inclusive insurance package not only guards against property damage but also includes liability coverage, which is essential for any incidents that visitors or tenants might experience due to unsafe conditions on the premises. Additionally, this coverage extends to legal defense costs in the event of personal injury claims.
To fortify your rental business, we suggest the following insurance strategies:
Our attorneys at Lebowitz & Mzhen Personal Injury Lawyers advise tenants to secure their own insurance for comprehensive protection. The landlord's insurance plan typically excludes coverage for tenant property losses due to fire or theft. A standard renter's policy is crafted to defend tenants' personal possessions up to the declared policy value, usually between $25,000 and $50,000.
Renter's policies frequently have deductibles, often set at $250 or $500. This means the insurance provider compensates for theft losses only after considering the deductible amount. Besides covering fire and theft, the average renter's insurance also includes personal liability coverage, which might protect against incidents where the tenant's negligence leads to injury or damage, like inadvertently flooding a neighboring property.
Renter's insurance is a multifaceted package, tailored to cover several risks. Policies differ among insurance firms, with variations in included coverages, exclusions, amount limits, and deductibles. Tenants residing in areas prone to floods or earthquakes may face additional charges and challenges in obtaining adequate coverage and are encouraged to conduct thorough research to meet their insurance requirements.
For both landlords and tenants requiring a deeper understanding of their insurance needs or facing legal challenges associated with property insurance, Lebowitz & Mzhen Personal Injury Lawyers offer guidance and a Free Consultation. Protect your peace of mind by contacting us today at (800) 654-1949 for any inquiries regarding landlord and tenant insurance matters.