Landlord Insurance in Orlando, FL
Florida landlords must account for many risks and exposures to protect their investments and revenue streams. Third-party liabilities, criminal acts, accidents and severe weather events can all have devastating consequences for your rental properties and financial interests. With these concerns in mind, landlord insurance represents a crucial investment.
What Is Landlord Insurance?
Landlord insurance, sometimes called rental property insurance, is a type of policy crafted to potentially cover risks associated with renting out residential properties. Unlike standard homeowners insurance, which typically excludes properties where the policyholder is not the primary resident, landlord insurance is specifically tailored to address the risks and exposures involved with renting homes to tenants.
What Can It Cover?
At Florida Insurance Group, we can help landlords in and around Orlando, FL put together a suitable policy that may include the following financial protections:
- Structural coverage can assist with repair or rebuild costs if your rental’s physical elements, such as its roof, walls, foundations and electrical systems, are damaged by covered incidents.
- Liability coverage can offset legal costs and third-party losses if you’re responsible for accidental injuries or damage, such as if a tenant falls down stairs due to a broken handrail.
- Landlord personal property coverage can help pay for damaged, stolen or broken items you might leave on the premises, such as furniture and lawn care equipment.
- Lost income coverage may compensate you for income you would have otherwise earned if a covered incident, such as a fire, keeps you from being able to rent out a property.
Additional coverage options may also be available via endorsements or riders, such as for floods and equipment breakdowns.
How Much Does Coverage Cost?
Landlord insurance rates may vary significantly. Carriers will typically assess various aspects of your situation, including the following:
- Property specifications (e.g., type of building, number of floors and age)
- Estimated total rebuild cost
- Number of tenants
- Location
- Claims history
- Policy details (e.g., endorsements, limits and deductibles)
How to Get the Right Landlord Insurance Near Me
If you’re looking for suitable landlord insurance for your rental property, contact Florida Insurance Group today. Our team can help you find an ideal policy.