If you rent out a property in Bourbonnais, IL, you should invest in landlord insurance from George Ryan Jr. Insurance Group Inc. to help you weather the storm when perils like theft, fire, and others strike. But since you may not be familiar with this coverage, we have taken time to answer frequently asked questions about landlord insurance. Let’s dive in.
What does landlord insurance cover?
If you have invested in landlord insurance, you definitely want to know what it covers. Here are the areas covered by landlord insurance:
- Property damage: Landlord insurance covers your properties from risks such as fire, vandalism, and certain natural disasters. Ideally, invest in landlord insurance that can replace your entire property when it’s totaled.
- Liability protection: Landlord insurance covers you when accused of bodily injury or property damage by other people, including tenants, trespassers, and visitors. This insurance coverage also protects you when sued.
- Loss of income: This coverage will protect you when your property remains uninhabitable due to a covered loss, such as a fire or storm.
Other coverages you can consider include natural disaster coverage, employee liability, and landlord’s contents insurance.
Must I have landlord insurance?
The law doesn’t require this coverage, but it’s a must-have investment if you manage or collect rent. Suppose a fire or storm strikes your building, costing you about $90,000 in repairs. Without landlord insurance, these costs will have to come from your pocket. Can your business afford it? And even if you have the savings, was the primary goal of saving to pay for damages? Invest in landlord insurance to protect your assets and savings.
Where can I get landlord insurance?
If you live in Bourbonnais, IL and its environs, you need to purchase insurance from an independent insurance agent. By partnering with George Ryan Jr. Insurance Group Inc., we will help you find comprehensive yet affordable landlord insurance.