Landlord insurance is available to landlords who must protect their building and its assets from various losses and damages. This coverage is necessary to cover the costs of building repairs, maintenance and replacements. Landlords are also covered for losses in rent or income. At GEC Insurance Services, we provide landlord insurance to clients who face disasters every day and need to prepare for emergencies.
Benefits of Landlord Insurance
Our landlord insurance covers the costs of paying for building damages, making new installations and performing regular maintenance. Insurance covers various types of damages that are caused by theft, fire, natural disasters, vandalism and other mishaps. The landlord is also covered for damages that tenants cause either accidentally or intentionally.
Landlords can customize different types of our GEC Insurance coverage according to their individual needs. This is important because coverage changes based on the landlord’s current needs. They may change their policies or face changes in the local demographics of tenant candidates.
Most importantly, landlord insurance through GEC Insurance provides its owner and renters with peace of mind knowing that their investments are protected. Landlords are not concerned with paying tens of thousands of dollars out of pocket to cover building expenses.
Landlords increase their business reputation by assuring the public that they are licensed and insured. Tenants are assured that they will not have to pay for their own insurance during any time of living there.
Different Types of Coverage
Every of our landlord insurance policies has different terms and exclusions. Most policies cover natural and man-made hazards: theft, fire, natural disasters, explosions, etc. Policy owners can obtain additional coverage for terrorism, vandalism, lawsuits, etc.
Contents insurance covers the costs of damages made to the landlords’ personal belongings. Rent guarantee insurance covers those who are unable to collect payments from renters. This is a common problem with renters. They may move out without paying the rent or face months of nonpayment before an eviction.
There is no law that tenants must have insurance. Some landlords require that their tenants become insured as part of their rental agreements. They can require tenants to obtain sufficient coverage, show proof of insurance and remain insured throughout the lease’s term.
Our liability insurance protects the business if an injury or accident occurs on the property. This coverage is needed if the tenant files a lawsuit against the property owner.
Our landlord insurance is designed mainly to protect the interests of landlords. There is no provision that covers the tenants’ belongings. However, if the landlord is responsible for damages, the liability policy protects the tenants.
Insurance is needed by all landlords regardless of how affordable or expensive their properties are. No one knows when a theft or fire could reduce the safety value of the building. If the property’s value increases or decreases, landlords must obtain the right amount of coverage, whether they need to cover property damages, building maintenance or income losses due to rent back payments. At GEC Insurance Services, we assure our clients that our services are necessary and affordable. Contact our insurance agents directly to learn more about our services.