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My Rental Home has Property Damage: Am I covered?

How Do You Know if Your Rental Home Property is Covered?

Every property owner understands the importance of homeowners insurance, you never know what may happen; fire, flood, tornado, hurricane, hail, theft, or accidents. But is your property covered if it’s damaged by something or someone else? For example, is your property covered if it is vandalized or a car plows through your living room at 2am? And if your property is occupied with tenants, is their personal property covered?

Most home owner’s insurance policies do, in fact cover things like vandalism, riots, civil unrest or commotion, vehicle damage and even aircraft. Knowing your property is covered is a relief; the hard part (sometimes) is dealing with the aftermath.

If your property is occupied with tenants, their personal property is usually only covered if they have renters insurance. Although it is not the law to have renters insurance, it is the wise choice for tenants and is very affordable. Every landlord should have what is known as “landlord insurance”. Homeowners insurance is different than landlord insurance and could be the difference in much needed coverage.

Landlord insurance will cover damages incurred by the tenant, unlike a traditional homeowner’s policy and will also cover things like legal counsel and fees, injury liability, and loss of rent. If your home is rented and occupied with tenants, you run the risk of a denied claim because most traditional home owner’s insurance policies only cover owner-occupied homes, meaning you no longer qualify.

At Real Property management Capital-Baltimore, we are the experts in our industry with over 25 years of property management experience. We are always here to help, answer questions and do what we can to assist you with your property management needs.

Got a question? We’ve got an answer!

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