With over 1.5 million rental housing units, Ohio offers landlords some rich investment opportunities. But landlords can also face many risks. So whether you own a single townhome, a few homes, or even a multi-unit apartment building, you need to have solid landlord insurance coverage. An independent insurance agent can help you find the coverage you need to protect yourself from liability claims and to insure your properties against damage.
The Risk of Landlord-Tenant Court Cases
- Number of landlord-tenant court cases filed every year: 2.2 million
- Estimated number of rental units in US: 40 million
- Percent of rental units involved in a court action each year: 5.5%
What Does Ohio Landlord Liability Insurance Cover?
As a landlord, you need to protect yourself from lawsuits and liability claims. One of the key benefits of landlord insurance is that it covers you if your tenant, a guest, or some other party claims that your actions or negligence caused them injury or damage to personal property. For example, if a light fixture comes loose, falls on a tenant's child, and causes injury, you can be held liable if it was fastened improperly. Or if it falls and damages the tenant's plasma television, you can be sued for the costs of the item. Liability coverage pays the liability claims and provides you legal defense costs if you have to go to court. This coverage is limited by the limits set on your policy, so it is a good idea to purchase as much liability coverage as you can afford.
You are not responsible for the tenant's personal property in the rental unit, unless the cause of the damage is due to your negligence or activity. Some landlords require tenants to carry rental insurance, to provide extra protection in the event that the tenant's personal property is damaged. Rental insurance is coverage the tenant buys to protect their personal belongings in the rental unit, including furniture, electronics, computers, clothes, jewelry and more. As the landlord, you're also responsible for liability risks associated with common areas, such as swimming pools, clubhouses, exercise facilities and more. Plus, if you have multiple units close together and a tenant starts a fire that spreads to other units, you can be held responsible.
What Are Other Ohio Landlord Coverage Options?
As a landlord, you also need to secure property damage coverage to cover the structure of your rental building and any garages, sheds, and outbuildings. In addition, you'll need contents coverage for everything you own in the buildings, including any appliances, furniture, tools, or lawn maintenance equipment you keep on the premises. This will cover your buildings and items against fire, strong winds, hail, water damage from broken pipes, burglary, and vandalism.
However, homeowner policies, including landlord and rental policies, do not cover earthquakes or floods. You can purchase a flood policy through the National Flood Insurance Program. You can also get insurance for special catastrophes like earthquake and sinkholes as a rider to your policy, or as separate coverage.
What Is Loss of Use Coverage?
As a landlord, your goal is to produce income from your rental properties, but sometimes due to tenant misconduct, weather events, or other mishaps, your rental property needs extensive repairs. You can add an option to your landlord coverage that reimburses you for the income you lose as a result of this type of damage. In addition, you can protect your property against intentional damage by tenants.
Find Ohio Landlord Insurance Quotes Today
Our agents are independent, which means they can access many companies to find the coverage you need at the best price. A local agent can evaluate the risks you face, and custom design an Ohio landlord insurance policy that is tailored to your properties and budget.