Louisville Landlord Insurance
Find the right landlord insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Whether you have several renovated homes that you rent to college students or own an entire apartment community, being a landlord can be a rewarding job, albeit a hard one. As a landlord, you are responsible for the maintenance and upkeep of a house that you do not live in. You also assume responsibility for some measure of resident safety as it pertains to the residence. But, being landlord can also be a lucrative career so be sure to protect your investment with suitable Louisville, KY landlord insurance.
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Kentucky Rental Facts
- Renter-occupied housing units: 31.3%
- Rental vacancy rate: 9.5%
- Total number of subsidized units: 28,149
- Average fair-market monthly rent: $694
What Is Louisville Landlord Insurance?
If you carry a regular home insurance policy on your rental property, your insurance company may refuse to pay on claims if they discover that the property was occupied by a renter. You need a Louisville landlord insurance policy instead. Although, as a landlord, you are not responsible for covering your tenants' belongings, you can expect your landlord insurance policy to be a bit more expensive than a typical homeowners insurance policy.
While landlord insurance is similar to an average homeowners policy, there are a few important differences. A landlord must think about the loss-of-value if a tenant ruins an apartment. A typical homeowner would not knowingly turn the living room into a swimming pool, but sometimes tenants can act in surprising ways. You are also responsible for liability expenses if your tenant or a tenant's guest is injured in your rental home due to negligence in upkeep.
Louisville Landlord Insurance Coverage Options
A basic landlord policy is going to cover the structure of the home, any personal property owned by you that is kept inside the home and liability protection. Even though you do not reside in the home, it is necessary to take the time and effort to carefully consider each part of the insurance policy.
- Structural coverage: Many financial advisors recommend that you insure your rental home or units at replacement cost versus actual cash value. Unfortunately, accidents happen, and if a fire destroys a home that was built 20 years ago, it may cost much more to rebuild in today’s economy.
- Contents coverage: If you provide a furnished unit, personal property coverage may be necessary. Even if the apartment is not furnished, contents coverage will include carpeting, light-fixtures and any appliances that you provide with the rental home.
- Liability coverage: This will afford you protection in the event that tenants or guests are injured on your property. The only way to make a legitimate claim on landlord liability is if it can be proven that the accident was a result of your actions. This does not necessarily mean direct actions. If you fail to cut down loose tree branches after a storm and a tenant is hurt by a falling branch, you could be held responsible.
Save on Landlord Insurance
Our independent agents shop around to find you the best coverage.
Additional coverage options that you may want to discuss with an insurance agent include:
- Workers compensation
- Umbrella liability
- Rental business insurance
- Loss of rent coverage
- Legal fees coverage
- Natural disaster coverage
The Costs Associated with Being a Landlord
While insurance rates will be determined by things like your coverage amounts, natural disaster risks, and the home's age and construction, there are many other costs associated with renting out apartments and houses. Unless it is specifically written otherwise in the lease, landlords are responsible for home-maintenance and cleaning between tenants. If you invest in professional help through a real estate management company, you must consider that cost as well. Clean, well-kept rental units will attract quality tenants and help you offset the costs of being a landlord. Do not skimp on your Louisville landlord insurance coverage in an effort to save money. A decision like that could potentially cost you more in the long-run.
Start Comparing Louisville Landlord Insurance Quotes Today
Our agents understand the value of a dollar to landlords who have mounting expenses. This is why your independent agent will help you compare Louisville landlord insurance quotes from a variety of top-rated insurers to find a policy that provides you with the protection you need at a price you can afford. Upgrading your property and adding safety features can possibly net you discounts on your policy. Feel free to ask your agent how you can lower your Louisville landlord insurance premium. All of our agents have pledged to provide honest and ethical guidance and will advocate for you if you need assistance filing a claim.
Contact an agent near you today to learn more about Louisville landlord insurance.