Whether you are a first-time landlord, renting out your cabin in Sussex County, or a real estate mogul with multiple apartment buildings in the Dover metro area, it is important to secure a comprehensive and affordable landlord insurance policy to protect your considerable investment.
Before you search for landlord insurance quotes, however, there are several things to consider.
Chances are, you have a lot invested in your Delaware rental properties and have come to rely on the income they provide. Should a tenant sue you for unrepaired damages to the building, a delivery person slip and fall on your land, or a severe weather event destroy any of your properties, the financial impact could be devastating. Only the protection of a comprehensive landlord insurance policy will protect your savings from being raided to conduct the needed repairs or pay the costly legal fees.
Landlord insurance provides coverage for property owners renting out one or more residential homes, apartments, or condos. As a landlord, you need protection from financial loss that may result from damages to a rental property due to fire, break-in, liability and more. You can even find insurance to help cover loss of income in the event that your rental units become uninhabitable due to circumstances beyond your control.
Landlord insurance provides a number of important types of coverage options. Depending on the Delaware insurance company you work with and the choices you make, your policy may consist of some or all of these types of protections:
To gain a better understanding of how the process of landlord insurance works, here are a few examples of when the various coverage options come into play:
Property insurance: Say a fire breaks out in the Delaware neighborhood in which your rental property is located and damages the exterior and interior of your building. This coverage is designed to pay to repair or replace the materials on your property.
Liability: In another example, let's imagine that a postal delivery person leans against a railing on your apartment's staircase that breaks free and the postal delivery person falls and is injured. You most likely have legal responsibility (liability) for that person's injury and treatment. Your liability insurance can not only cover the costs of his or her treatment, but also any court fees you may face.
Loss of income: Delaware is no stranger to severe weather events that can level a building. If your rental property is destroyed beyond livable conditions by a storm and you can no longer demand rent from your tenants, this insurance will help replace that income on which you have come to rely.
One landlord insurance policy quote can vary considerably from another. The quotes you receive will depend on a number of factors. Most Delaware insurance companies take the following into consideration when calculating your quote:
Some Delaware insurance providers offer discounts for eligible landlord insurance policies, such as those for installing safety equipment like sprinklers and burglar alarms. Be sure to ask your insurance agent if you qualify for any discounts when they quote you on a policy.
You know the importance of protecting your Delaware investment property with a comprehensive landlord insurance policy. Knowledgeable independent insurance agents on the Trusted Choice® network are always here to help answer any questions you may have about a specific policy, suggest coverage options, and even help you file a claim. Their years of experience in working with Delaware insurance companies enable our agents to find a number of quotes from a variety of providers, ensuring you only receive the most competitive rates.
Contact an agent in your area to find out how you can start renting your property with ease, knowing your investment is protected.