Landlord Insurance in Fort Lauderdale and Miami, FL

Renting property to tenants can provide you with a lucrative revenue stream. However, bearing responsibility for another party’s living situation may subject you to significant risks and exposures, and even the most diligent and experienced landlords may eventually be involved in potentially costly incidents. With this in mind, understanding, acquiring and maintaining appropriate landlord insurance should be a top priority. 

What Is Landlord Insurance? 
As its name suggests, landlord insurance can provide crucial financial security for you and fellow property owners who rent or lease to tenants. Landlord insurance may consist of several common components, including landlord building insurance and landlord liability insurance.  

How Landlord Insurance Works 
Like many types of coverage, landlord insurance policies establish contractual agreements between you and your insurance company that may ensure you have access to funds and resources in response to covered incidents. After customizing and assembling your insurance, you will need to pay your regular (e.g., monthly) premiums to maintain the validity of your policy. 

What Does Landlord Insurance Cover? 
The exact capabilities, limitations and other details of landlord insurance may vary depending on your unique circumstances, including your needs, preferences and budget. In many cases, policies may provide financial assistance in response to the following losses: 

• Structural damage—This part of your landlord insurance may help pay for physical damage sustained by your rental and additional buildings on the property, such as garages.
• Liability—If you are at fault for another party’s losses, such as the injuries of someone visiting the premises or the property damage of a tenant, this coverage may protect you from financial consequences.
• Loss of use—This coverage may help you recoup lost or reduced income if your property is rendered temporarily uninhabitable, making you unable to collect rent.
• Landlord belongings—Although landlord insurance typically does not cover your tenants’ possessions, it can financially protect belongings you leave on the premises, such as lawnmowers and snowblowers. 

Do I Need Landlord Insurance? 
Landlord insurance is typically not required by law, but you may be beholden to other requirements. For example, if you’ve purchased your property using a mortgage, your lender may require you to maintain coverage throughout the duration of your loan. Homes insured by homeowners insurance also typically require landlord coverage, as the former can typically only pay for losses occurring while you are the occupant.  

We’re Here to Help 
If you’re a landlord in the Fort Lauderdale or Miami areas, Bruening Insurance Agency is more than capable of helping you understand and address your coverage needs. Our dedicated team will work with you to acquire and maintain an optimal landlord insurance policy. To learn more about your options or get a personalized landlord insurance quote, contact us today.