What Kind of Insurance Do you Need for a Rental Property in Annapolis?

If you are a full-time landlord with one or perhaps multiple properties that you are renting at a time, you will want to stay protected with your various property investments. So, what kind of insurance do you need for a rental property in Annapolis? Today, with the help of Innovative Properties, a property management company in Annapolis, we can take a closer look so that you are covered.

Landlord Insurance

Landlord insurance is a policy for someone who rents out a home they own. This type of insurance usually includes two separate types of coverage. The first is property coverage, and the second is liability coverage. They are both intended to help protect you, as the landlord, from financial losses.

Typical property protection includes:

• Dwelling – this will help pay to repair your rented home, condo or apartment if it’s damaged by fire, lightning, wind, hail or other covered losses.
• Other structures – this will help to keep detached structures on your rental property protected, such as a detached garage or fence, if they’re damaged.
• Personal property – if you, for example, lend a lawnmower onsite to maintain your property, landlord insurance may help to cover this equipment if it is damaged. On the other hand, things like a personal bike or DVD players that are damaged will probably not be covered.

Liability protection is the other part of protection you have with this insurance. That covers any medical bills that may have incurred if a someone else is injured on your rental property and you are found responsible. For example, if a tenant falls down stairs that are poorly maintained and you are found responsible in a court case.

As far as optional coverage, you may want to consider adding the following:

• Vandalism
• Burglary
• Rental property under construction
• Building Codes

Make sure to talk with your agent about any of these additional optional coverages.

The last thing to keep in mind is what is not covered in most policies.

• Maintenance and equipment breakdowns
• Property you share
• Tenants’ belongings

About Innovative Properties

Innovative Properties is a property management company in Anne Arundel County focused on helping residential, commercial, & HOA property clients. With over 30 years of experience in property management and leasing, we can help you rent, sell, or buy your next property in Anne Arundel County.