Whether you own a multistory apartment building with dozens of units or you are simply renting out the summer cabin near North Bend State Park in West Virginia, landlord insurance is a must.
Not only may West Virginia laws require you to carry landlord insurance, the right policy can save you from financial disaster.
Before searching for landlord insurance quotes, however, it's important to keep a few things in mind.
A comprehensive landlord insurance policy will protect your West Virginia investment property so you can rent it out with confidence.
Landlord's rental property insurance provides all the coverage you need to protect your property from damage and to protect you from liability claims that could cripple you financially. Don't let a disgruntled tenant destroy your ability to rent out your apartment or home. Landlord insurance can protect your savings from litigation and extensive damage due to natural or man-made disasters.
Most landlord rental property insurance covers:
You may also consider adding a liability protection to your landlord insurance policy. Let's say there's a loose handrail on your rental property and it causes your tenant or your tenant's guest to fall. You may be found negligent for not repairing the handrail and therefore be legally responsible to pay for the injured person's medical bills and lost wages. Liability protection can help protect you from financial loss if you're legally obligated to pay for another person's injuries or damage to their property. Some landlord insurance policies also provide your legal defense and pay for a portion of your lost wages when you are asked to attend trials and hearings.
Most West Virginia insurance companies will give you two options to choose from:
While searching for landlord insurance quotes, consider comparing premiums based on different deductible amounts, too. The deductible is how much you must pay, at the time of a claim, from your own pocket to cover the loss or damage of property, structure damage, contents and other things included in your policy. The steeper the deductible, the lower the premiums, and vice versa.
It is important not to get too far in over your head with a deductible. Though you may hope to not have a reason to ever file a claim with your policy, you should not plan it this way. Policy holders often agree to more deductible than they can realistically cover to save money on premiums.
Should a disaster occur and you need to file a claim, you may not even be able to come up with the money needed to cover the deductible. People forget that if something happens you are more than likely going to need money for other reasons, aside from a deductible. Not only that, but if you have damage to your rental property, you will not be able to collect rent from tenants until the repairs are complete. So, when you get your West Virginia landlord insurance quotes, do a little comparison. Find a deductible you can truly cover, should the need arise.
Landlords insurance protects a rental property from accidental and sudden losses. However, there are some losses that aren't covered.
Below are just a few of the optional coverages West Virginia insurance companies offer that you may be able to purchase either as add-ons to your current landlord insurance policy or as a separate policy.
Although landlord insurance is typically more expensive than homeowners insurance in West Virgina, it should come as a nice surprise to prospective landlords that insurance rates can be extremely low, starting as low as $50 per month for required liability coverage.
The first step in comparing quotes for landlord insurance is to decide what you want. As an example, your list of needed coverage to compare might look like this:
Bring your list of needs to your meeting with your insurance agent who will help you make a direct comparison between similar policies.
Your West Virginia rental property is nearly ready to start taking tenants. Find the perfect landlord insurance policy when you contact a knowledgeable Trusted Choice® independent insurance agent and give your investment property the best start possible.