Louisiana is a great place to invest in rental properties, since housing prices are relatively low, and the number of renters is relatively high. 305,000 state residents live in apartment buildings, while hundreds of thousands more occupy rental houses and condos. If you have staked your claim in the rental properties market, now would be a good time to find the right Louisiana landlord insurance for your investment.
Census Stats for Louisiana Rentals
- About two of every seven housing units in LA are occupied by renters.
- The median monthly rent in LA is about $470.
- In about 60% of LA households, the rent payment accounted for more than 25 percent of the household income.
What is Louisiana Landlord Insurance?
Louisiana landlord insurance protects you, the owner of the property, from financial loss that may occur when a renter occupies your property. This insurance can protect you if some negligence on your part, in terms of maintenance and safety of the property, leads to injury or illness of the renter. It can also protect you in case a renter’s carelessness causes you loss to your property due to fire or vandalism. The policy can also protect you in case you are sued, due to charges of discrimination, or if a renter's negligence leads to injury on the property. There are a number of scenarios in which landlord insurance can be useful.
The key to this insurance is that is protects your property, the structure, any buildings or vehicles that you own on the property and any furniture or fixtures that are in the rental prior to the renter moving in. It also provides landlord liability protection. Landlord insurance does not cover tenant property, such as electronics, furniture, or valuables that the renter keeps in the apartment, townhome, or house. Any personal property or liability on the renter's part must be covered by a renters insurance policy, which would be purchased by the tenant. You are not responsible for renter's possessions that are damaged by fire, storm, or crime unless you have been negligent in maintaining a safe and healthy structure.
Why Should I Carry Landlord Insurance?
If you are a landlord who is not able or visit your property on a regular basis, and you are renting the property to someone who is a stranger, instead of a family member or friend, you really do not know what the renter is doing while living at your property. Renters have a tendency to be less careful about property they don’t own, and if you are not there to regularly monitor the property, you could be blindsided by a lawsuit or a large repair bill because of your renter’s actions.
Even if you have model tenants, who care for the property as if it were their own, accidents, storms, and burglaries can also take a toll on your investment. Landlord insurance covers wind, fire, hail, and burglary, so that you can make the needed repairs, or rebuild, without emptying your savings. Landlord insurance does not cover you from willful neglect of your property, but as long as you keep the property safe and in good condition, Louisiana landlord insurance would ensure that your assets aren’t at risk, simply because your renter is careless or wants to sue you.
Lawsuits can reach easily into the hundreds of thousands of dollars, and can cost you your home, car, retirement, and rental properties. But the liability portion of your landlord insurance can protect you from these expenses. It can cover settlement costs and your legal defense, up to the limits of your policy.
Is Louisiana Landlord Insurance Expensive?
Like regular homeowners insurance, Louisiana landlord insurance quotes take into account a lot of factors to determine your premium. Factors like ZIP code of the property, the value of the property, any security measures in place, the age of the home, the condition of the home, and even how you will determine your renter can be important. A Louisiana landlord insurance specialist who is a part of our network can help you find the best Louisiana landlord insurance quotes for your unique properties. These local agents can find you the right amount of coverage for a price that fits your budget.
Contact an agent near you today to get the policy you need.