If you own a home or building that is occupied by a tenant or multiple tenants, this type of policy is typically designed to cover the main structure, landlord liability, and loss of rents. It is recommended that the landlord carry insurance on the home or building rather than the tenant due to control factors and making sure the building is always insured and is insured properly. In addition, the landlord typically receives a stream of income from the tenant in rent payments, which can be covered as a loss of income if the home were to become unoccupied because of a claim. As the owner, the landlord is often deemed responsible for the general condition and maintenance of the building, and therefore has a liability exposure for any injuries that happen on premises.
It is important to review the insurance clause of your landlord/tenant contract with a professional attorney and work with an experienced insurance agent to tailor a policy accordingly and ensure proper coverage and risk management.
Stolly Insurance Group is an independent agency that can offer comparative quotes with many different excellent rated insurance carriers that offer these products. Call our office to speak with an agent today.