Dissecting Landlord Liability Insurance


Landlord Liability Insurance

Everyone cringes when hearing the world liability, and for a good reason. As a landlord, you should know by now that along with passive income potential comes humungous responsibilities that bind you to your investment property. Your concern should not just be focused on how to collect rent or protecting the property and its contents, but rather its entirety and that is where reliable landlord liability insurance comes in.

Landlord Liability Insurance

 What is landlord liability insurance? Most standard insurance policies carry a liability clause in them. It is designed to protect one’s financial assets particularly when another party sought out legal actions against you. To collect compensation for damages resulting from emotional harm or physical injury or fatality, for instance, an aggrieved party like a tenant or a guest in your rental property will file a lawsuit. When this happens, landlord liability insurance will provide you a safety net from spending money out of your own pocket to pay for attorney’s fees, settlement or judgment dues.


While not all liability insurance policies for landlords are the same, there are some aspects common to them. It can range from slips and falls resulting to injury or fatality, property damage due to defective fixtures or fittings, break-ins or burglary, sickness or hospitalization due to unaddressed infestation, and other risks or perils in the premises. You need to keep in mind that no matter how well-maintained or safe your property, some issues or accidents can crop-up. A sound liability insurance designed for landlords will ultimately cover costs for your legal defence as well as in shouldering medical costs, regardless of negligence, injury, losses or failure of upkeep. However, some insurance brokers can also craft a policy that offer rental default and vacancy concerns to deliver a comprehensive coverage to meet your overall concern.


Cost Reduction


Once you have written down your concerns as a landlord and find appropriate coverage to address them, finding a premium that does not break the bank should be your next priority. For one, you can acquire multiple policies from a single insurance broker to avail yourself of discounts. In most cases, disaster-proofing your rental property will also add more weight to lowering your landlord liability insurance premium. Adding sprinklers or updating anti-burglary system will also help lower such risks leading to lowered premiums. If you may, getting in touch with reliable brokers in the area and comparing at least 3 quotes will help sweeten the deal while protecting your own financial welfare.



 Want to protect your financial welfare as landlord to a rental property investment? Request a landlord liability insurance quote or schedule a consultation with Landlord Insurance HQ. Call1300 815 344 or request a quote online now!