If you are a landlord in California, then you need to be well-verse with the many potential hazards which could turn very expensive, if a loss were to occur. Ranging from simple fire losses to complicated slip and fall lawsuits, it can be anything which could ruin your ability to maintain your properties. Here arises the need to have a proper coverage for your property.
Landlord insurance not only helps protect your properties and also saves you from the damaging liability claims. When you rent your home, you simply hand over the responsibility of your property to someone you might not personally know. Also, you are not assured for how they will care for your possession. Such insurance plan preempts you from these common renting pitfalls too.
What all does the landlord insurance cover?
Here’s a list of things landlord insurance covers, generally:
- The Dwelling: Certainly, it is the most important thing to be covered in your insurance. Your property is covered from a loss caused by:
Also, it protects from the damage lead by any of the following:
- Civil commotion
- Falling aircraft
- Malicious mischief
- Falling objects
- Weight of ice/snow/sleet
- Vehicles crashing into your property,
- Smoke ( if sudden and accidental)
- Sudden or accidental discharge of water/steam
- Other Structures: Besides your dwelling, these cover those items which are not attached to the property, however, lie within the property lines. It can be:
- Detached garage,
- Retaining walls
- A Built in BBQ
- Personal Assets: Why only structures, landlord insurances covers protection for the personal belongings in the property too. It can be anything from washer, dryer, refrigerator, or your furniture. Here it is worth noticing that it usually don’t cover your tenant’s personal property.
Why you need Landlord Insurance?
The good thing about landlord insurance is that it is designed not merely to cover the rental home, but also add home insurance coverage for exposure to lawsuits, which is unique to being a landlord. Let’s explore some cases where such insurance turn out to be a savior:
Case #1: Your tenant has a pit bull you are unaware of and it bit someone. What if the victim wants to sue you for allowing the dog to live there?
Case #2: You rented the best unit in the town with fully furnished rooms and all other facilities. Later, you found that all was broken and some stuff was even stolen!
Case #3: There was a stuck window opening which your tenant got a severe cut from. Now what if he states that it was the landlord’s fault and asks you to pay the medical bills?
Case #4: Your tenant destroyed your property, say he left a pan on the stove which lead to fire in your home. The personal property was damaged which was in the rental unit, like a washer or dryer.
In all the cases mentioned above, landlord insurance protects you. So, whether you are renting out an entire home or a unit of your home, having landlord insurance covers the risk which could arise out of renting to a tenant.
Besides, such insurance protects your property from:
- Structural damages for your fixed appliances, cables and piping, plumbing and gas systems, internal fixtures and fittings, and even the outdoor items such as exterior blinds and awnings.
- Acts of nature like tornadoes, hurricanes, earthquakes, and even riots.
- Water and flood damages are also insured.
- Fair rental incomes protection
How much does landlord insurance cost?
This is probably one of the most frequently asked questions. Well, there is nothing as such exact rates and it might come as a very nice surprise to the prospective landlords- insurance rates can be as low as $50 per month.
But here you need to know that the landlord insurance premium cost will depend upon:
- How much liability insurance you want to add?
- Number of properties you are insuring
- The value of your property
- And several other factors.
Which landlord insurance provider serves the best in California?
While there is no dearth of landlord insurance providers in California, but when you need nothing less than the best, you can consider any of them:
Safeco Landlord Protection insurance
It is perfect for ever landlord owning one- to four-unit properties, ranging from single family homes and condo units t00o duplexes and four-plexes. With this, you are not only able to protect your residential rental property, but also you get the most superior combination of coverage, value and price flexible landlord insurance. With easy to read and understand billing statements, you get personal advice too.
Here’s what people have to say about Safeco:
“I recently filed a claim due to flood damage. Safeco was able to send me the check for fix the damage in reasonable time. All coverages were applied to this claim.”
~ Chen John
“I called Safeco to advise I had replaced the roofs on my 2 investment properties and I was happy to learn my premiums would drop slightly dropped…any decrease in price is better than nothing and sure beats being told premiums increasing! This is the 3rd year in a row I have purchased Landlord polices from Safeco, no other companies could touch Safeco’s prices & coverage and I shop annually! SafeCo Representative I spoke with was very friendly, personable and knowledgeable!”
“I was shopping for a new provider because my old provider was being very unreasonable about my request to meet and confer about a roof issue that I felt didn’t exist. I was very pleased to find your company that was very cooperative and attentative to all of my needs, and for a lesser premium too. –Thank you”
American Modern Landlord Property Insurance
This is meant for everyone, i.e. for the real estate investor and the landlords, both. Hence, if you want to insure your property, American Modern has the right type of coverage. Basically, they offer coverage in two broader categories;
Comprehensive: It covers all causes of loss except those are specifically excluded in the policy documents. And, there is no depreciation deduction.
Flexible: In this case, it will be covering causes of loss listed by name in the policy documents. Basically, it covers all major risks, like wind, hail, fire, lighting, explosion, and others.
Some of the feedbacks from landlords;
“I have had American Modern for my home insurance for the last five years. Although I have never had to file a claim, their pricing and billing process is convenient and competitive. The additional earthquake insurance is comforting, considering we suffered a 4.0 magnitude earthquake here in Georgia last year. The policy is easy to read and defines all coverages clearly.”
“This is an outstanding insurance company. I have been a satisfied customer for over 12 years. When I first moved into my mobile home, I searched for the company that would provide the best coverage at the best rate. My insurance agent recommended them to me and I am so glad. Their level of customer service has been amazing. The turnaround time to pay claims is just UNBELIEVABLE!”
MetLife Landlord Rental Property Insurance
Proffering you all the essential property and liability coverage, it insures your rental property, any belongings stored on site or used by the tenants, private structures on property, and loss of rental income. When you need to protect your investment property and yourself, MetLife is the answer.
This one also offer two types of landlord insurance, i.e. policies for rental buildings with one to four families, and condo landlord insurance.
Clients have something to say for MetLife:
“MetLife has been my insurance company for a very long time. Their customer service has always been very helpful, and they have responded to my claims very promptly. I would definitely recommend them to anyone.”
“They take care of my needs at a great price. Their services are outstanding and always have an answer to my questions. When I need to make a change they always do it in a timely way and 24 hour a day service is outstanding. They never have questioned any claim I have had and always pay out promptly. I would recommend them for any and all types of insurance as they have done a great job for me.”