Rental Property Insurance in Kenner, LA

If you own a property you rent out, insurance is vital to safeguard your investment. Unlike standard homeowners insurance, which might not offer adequate coverage for rental properties, rental property insurance is specifically designed for landlords. Proper risk management is crucial for anyone engaged in property leasing.

What Is Rental Property Coverage?

Rental property insurance is tailored for property owners renting out their spaces to tenants. It can offer financial coverage for various risks and liabilities landlords might encounter when leasing residential or commercial properties.

What Does Rental Property Insurance Cover?

The following are coverage options typically included in a rental property policy:

• Dwelling coverage—This coverage can help financially protect against damage to the building itself. Whether structural harm from a storm or an accidental fire, this coverage can help ensure your investment remains secure.
• Liability coverage—This can help cover legal and medical costs if you’re held responsible for incidents involving a third party on your property.
• Loss of rental income—This can help cover lost income if you can’t collect rent due to a covered event, such as a fire or burst pipe.
• Contents insurance—This can financially protect furniture or appliances on the property for tenant use. It may also financially cover personal property stored on-site for property maintenance, like a lawnmower or snowblower.

Is Rental Property Insurance Mandatory?

Rental property coverage is not typically required by law, but it is highly recommended for landlords. However, some states or local jurisdictions may have specific requirements. Additionally, mortgage lenders often require landlords to have insurance on rental properties as a condition of the loan.

It’s also worth noting that while rental property coverage itself may not be mandatory, having general liability insurance might be required in some areas to cover the cost of injuries or damage that occur on the property.

Learn More

Contact Fitzwilliam Insurance Services LLC to discuss your insurance portfolio today.