Landlords are exposed to substantial potential risks, for they could have property destroyed or be named in liability lawsuits. Landlord insurance policies help protect Massachusetts landlords from many of the risks they're exposed to.
Landlord insurance is a highly specialized form of property insurance that’s uniquely designed to meet the risk mitigation needs of people who lease out buildings. Policies usually are written as package policies that offer multiple protections, and the protections can frequently be adjusted to suit particular situations.
Most buildings that are legally leased to tenants can be insured with a landlord policy. There are policies for:
Most people and businesses in Massachusetts who lease out one of the aforementioned types of buildings to tenants should have a landlord policy in place. Not having a policy in place may leave a landlord dangerously and unnecessarily exposed to risk.
Sometimes, landlords are required by the terms of a loan agreement to carry insurance. Lenders frequently make certain insurance coverages compulsory so that the lender’s interest in a building is protected. Even in these situations, however, it’s often wise to get more than the minimum-required coverage.
The coverages included in landlord policies are primarily focused on protecting landlords, since they’re the policyholder. These policies generally don’t offer protections for tenants. Instead, tenants normally need to purchase their own renters insurance policy if they want protection for their personal belongings and/or against potential liability lawsuits.
Since landlords often adjust and customize landlord policies, the coverages included in these policies can vary. Nonetheless, there are several coverages that many policies make available as either standard or optional protections:
There are still more coverages that landlords may need or want. For help finding the right combination on protections for their situation, landlords should talk with an insurance agent who specializes in this form of insurance. A specialized agent will understand the risks landlords face and be able to make informed recommendations.
Premiums for landlord policies vary just as much (or perhaps more than) included coverages do. How much a specific policy costs depends on the building being insured, coverages chosen and many other factors.
Even given the variance among policy premiums, though, landlord policies tend to be quite affordable. They’re almost certainly less expensive than facing a major claim without adequate protection in place.
An independent agent, who’s free to request quotes from multiple insurers, can help landlords check exactly how much coverage for their property would cost. Comparing several quotes side-by-side makes it easy to quickly see how much different companies would charge.
For help finding landlord insurance, contact the independent insurance agents at Dempsey Insurance. Our team has worked with many individual and corporate landlords in Massachusetts, and we have the expertise necessary to help you find the right policy that’ll offer robust coverage at an affordable rate.