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Landlord Insurance in Connecticut
What is landlord insurance?
Rental properties can be damaged, tenants can be hurt, and any number of other things may go wrong when renting investment properties. To help protect against risks such as these, Connecticut landlords may want landlord insurance.
Landlord insurance offers tailored protection for rental properties. Policies usually can protect both the property and the landlord.
Which landlords in Connecticut need landlord liability insurance?
Most landlords with smaller residential properties in Connecticut should have landlord liability insurance. These policies might insure freestanding houses, townhouses, condos, and duplexes. Some can also cover triplexes and quad-plexes.
If properties have five or more units, a slightly different insurance policy is usually a better option. For example, apartment complex insurance might be more suited.
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Are landlord policies able to cover commercial or mixed-use real estate?
Landlord policies are primarily for smaller residential properties, and normally don’t have the protections that commercial and mixed-used properties require. An alternative insurance policy is normally required for these properties.
What insurance protections should landlords look for?
Landlords should consider a variety of liability and property coverages. Some of the protections they might want are:
- Property Damage Insurance: Normally protects the rental property itself and often includes items on the property such as lawn equipment, appliances, window treatments, HVAC systems, and furniture in furnished units.
- Landlord Liability Insurance: Normally protects against lawsuits arising from injuries to someone, typically a tenant or their guest, on the property. This might also extend to other liability lawsuits.
- Legal Assistance Insurance: Normally protects by covering legal fees not associated with liability suits, such as lawyer and court fees incurred during eviction or judgment processes.
- Loss of Rental Income Insurance: Normally protects against income losses when a disaster renders a property temporarily uninhabitable.
- Rent Guarantee Insurance: Normally protects against income losses due to tenants failing to pay their rent.
- Commercial Umbrella Insurance: Normally provides an extra layer of liability protection, typically applying when a lawsuit exceeds the limits of the landlord liability insurance.
An insurance agent who specializes in landlord policies can guide landlords through the various coverage options.
Would a landlord policy cover water damage to a property?
Whether water damage is covered by a landlord policy depends both on the source of damage, and on the insurance policy.
Landlord policies generally don’t cover flood damage, or other damage resulting from abnormal water patterns (e.g. rogue waves, mudslides, etc.). To protect against water risks such as these, flood insurance is typically required.
Landlord policies might cover water damage resulting from plumbing issues. Some policies cover problems like burst pipes and backed-up drains, while others don’t.
A knowledgeable insurance agent should be able to assist with getting coverage for plumbing issues, if the protection is desired.
Would a homeowners policy cover a personal injury lawsuit that a tenant files?
Homeowners insurance policies typically have a personal liability provision, which indeed can include protection against common accidents. Any homeowners policy’s protection is normally limited to personal risk, though, and not risks associated with rental properties.
No, homeowners policies are unlikely to cover a personal injury lawsuit that’s filed by a tenant. A landlord policy usually will.
Can landlords insuring multiple rental properties with a single landlord policy?
Insuring multiple properties with a single landlord policy is usually simple, especially when working with an experienced insurance agent. Policies are readily available for one, two, a few, or many rental properties.
Are tenants’ possessions included in a landlord policy’s protections?
Landlord policies normally don’t give tenants any protections, including not covering tenants’ possessions. Tenants should be encouraged to secure renters insurance, which likely can protect a tenant’s personal possessions and add other protections.
Where can landlords get landlord insurance for Connecticut rental properties?
For help insuring one or many rental properties in Connecticut, reach out to the independent insurance agents at Lana Insurance Center. Our agents will make sure you and your properties are protected well by the landlord insurance policy you choose.