How and When to File a Claim on Your Landlord Insurance
Landlord insurance is a coverage that a property owner can purchase for financial protection in the event of property damage or a liability claim. If you are a renter, you can find more information on renters insurance coverage and claims in our renters section.
To get fast answers to your questions and concerns with rental or landlord insurance, find an independent agent in the Trusted Choice® network. There are over 22,000 member agencies in 27,000 locations to serve you.
These are just a few examples. Apartment owners’ insurance claims can run the gamut from wind, hail and lightning damage to fire and smoke damage. If you are ever unsure whether your insurance company will cover your insurance claim, simply contact your agent or an insurance company representative to inquire about your specific situation and how to begin the claims process.
When you experience a loss, such as an apartment fire, an earthquake, or damage to one of your rental units from a burst water pipe, there are a number of things you should do.
Your insurance adjuster will review the entire situation. Most likely you will speak with an insurance company representative who will review your insurance coverage and tell you how to proceed. You will likely be asked to obtain estimates on repairs, if appropriate.
Insurance companies watch carefully for fraud in order to ensure that they are paying out on legitimate landlord claims. A recent study from the Home and Landlords Insurance Industry reported that approximately 2,500 fraudulent claims are filed each week, at enormous expense to the insurance industry. The result is that these costs must be passed on to consumers.
Insurance companies will do a thorough review of your claim to ensure that it is legitimate. There are some important steps to take as you complete the claims process:
The most important thing you can do if your claim is denied is get the facts. Why are you not being compensated? Is the claim outside of your policy’s coverage? Is there anyone else you can talk to at the insurance company to verify that your claim is not covered?
If the claim is outside of your policy’s coverage, are there things you need to do to prevent this scenario from happening again? Do you need to enhance your coverage in the event of future damage or liability? If your coverage is a “bare bones” policy, or is lacking in any other way, should you consider changing to a new landlord insurance policy with a different insurance company?
An independent agent in the Trusted Choice network can help you address these questions and more. These agents represent multiple companies and can research multiple coverage options and pricing plans for you. Get a quote or find an agent today.