Duplex Rental Property Insurance
As the landlord, you want coverage for the home structure in case you get sued. It is because you are liable for any issues within the property. The appliances you provide at the rental property, like a refrigerator, microwave, furniture, count towards the policy in case of any damage.
As a business owner, it is your responsibility that as you market the property and collect rent to ensure a safe and comfortable living environment for your tenants. Any problems like damage to the roof or plumbing issues should be taken care of by the landlord. The right insurance will protect you from any unforeseen issues.
Cost of Duplex rental Property Insurance
Rental property is a business that generates revenue. In case of any disaster, damage or injury may lead to stiff penalties. As a landlord, it could mean having your license revoked or incurring heavy financial losses.
Generally, the cost of rental property insurance is more expensive compared to homeowners insurance property. It is due to the additional risk posed by a tenant over the homeowner. Standard general liability insurance will depend on the location, square footage, and history claims.
What does duplex property Insurance cover?
Although it is similar to home insurance cover, it has additional and unique costs added by having tenants in your property. The policies cover general building structure against specific perils, contents in the property belonging to the landlord, liability coverage and loss of income. Personal property belonging to the tenant is generally not covered as the tenants would have their tenants’ insurance policy.
Commercial property – The insurance covers your duplex in case of damage by fire, vandalism, gas leak or an act of nature. The policy covers replacement costs or repairs needed.
General liability: It covers you from third policy lawsuits associated with someone getting injured at your rental property. If a tenant or a visitor, for example, a delivery driver, got injured while at your property and sustained injuries, He can file a lawsuit against you. The policy will cover medical costs and settlement fees.
Lost rental income – The landlord policy protects you against the loss of rental income if the property you rent becomes inhabitable due to fire damage, pest infestation until the duplex is habitable.