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Landlord Insurance in Cerritos, CA

Being a landlord comes with its own set of responsibilities and risks. To safeguard your property investment, having the right insurance coverage is crucial. Landlords can make informed decisions to protect their assets by understanding available coverage options.

What Does Landlord Insurance Cover? low angle photo of high rise apartment building

The following are common types of coverage landlords should consider:

  • Dwelling coverage is the fundamental component of landlord insurance, safeguarding the structure of the rental property. It may cover damage to the building caused by unintentional perils, such as fire. Landlords should evaluate the replacement cost of their property to determine the appropriate dwelling coverage. It’s essential to ensure that the policy adequately covers the structure in case of a complete loss.
  • Liability insurance can help shield landlords from legal and medical expenses if someone is injured on the rental property. It may cover legal fees, medical bills and potential settlements if the landlord is found liable for injuries or property damage. Landlords should assess the level of liability coverage needed based on their property’s size, location and potential risks. Adequate coverage can provide financial protection in the event of a lawsuit.
  • Loss of rental income coverage, or rental reimbursement coverage, can compensate landlords for lost income if the property becomes uninhabitable due to covered perils. This can include repairs following a fire or other covered events. Landlords should consider the potential duration of property unavailability and select coverage that aligns with their rental income.
  • Additional coverage, such as personal property protection to cover items owned by the landlord, umbrella liability insurance for additional protection from liability risks and coverage for specific perils like earthquakes or floods, may also need to be considered. Landlords should assess their unique needs and the particular risks associated with their property. Tailoring insurance policies to cover additional perils or assets can provide comprehensive protection.

What Does Landlord Insurance Cost?

The following factors can influence the cost of landlord insurance premiums:

  • Property type
  • Location
  • Coverage limits
  • Property value
  • Deductible amount
  • Property age and condition
  • Rental history
  • Safety features
  • Tenant profile

How Much Landlord Insurance Do I Need?

Contact Mikel's Insurance Services to discuss your landlord insurance needs. We can make coverage and policy recommendations based on your specific property.