Landlord Personal Liability Insurance

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What Is Landlord Personal Liability Insurance?

Landlord personal liability insurance protects you financially if a tenant or guest sues you. As a landlord, you may be legally responsible if someone gets injured on your property. You can also find yourself as the defendant of a lawsuit if there is a break-in, someone is bitten by a dog on your property, or you discriminate against a prospective tenant during the application process.

As a landlord, you have certain responsibilities towards your tenants. This includes keeping them safe by providing housing with secure locks and maintaining the building and grounds. You also have to follow all applicable laws when taking applications or evicting tenants. But even if you follow all the rules, someone might still file a lawsuit against you, and that’s where your landlord personal liability insurance comes in to protect you.

What Does Landlord Liability Insurance Cover?

Your landlord liability coverage will help you cover legal expenses if you face a lawsuit from a tenant or guest on your property. The liability portion can cover medical expenses and legal fees or other damages awarded by a judge. For example, your liability insurance can cover damages caused by tenants or guests to your property. While your tenants also pay a security deposit to cover damages to the unit, liability coverage can include extensive damages to other parts of the property. 

If your property becomes uninhabitable and you can’t rent it out, your landlord insurance can include the loss of rental income for a period of time. Depending on the cause of the damage, you may still have to pay for the repairs and inspections on your own. If a tenant or guest gets injured on your property and you’re found liable, your liability insurance also covers the medical and legal bills.

What Are Landlords Potentially Liable For?

As a landlord, it’s your responsibility to keep your tenants safe and provide enough security for them. If you were negligent in maintaining your rental property or failed to act to protect your tenants, you may also be found liable. This includes installing secure locks and removing tenants who engage in unlawful behavior. You also have to keep your property well maintained, which includes stairways and railings. 

Cost of Landlord Personal Liability Insurance

How much you have to pay for landlord liability insurance depends on several factors, such as:

  • The value and size of the property
  • The number of tenants
  • The condition of your property 
    You’ll also want to evaluate your processes for screening and evicting tenants to make sure you’re following the local law. For example, you want to run background checks on potential applicants to ensure they don’t pose a threat to your community of renters.

FAQS about Landlord Personal Liability Insurance

Am I Legally Required to Carry Landlord Liability Insurance?

There’s no legal requirement to carry landlord personal liability insurance. If you have a loan for the property, your lender might require it. But even if you own the rental property outright, it’s a good idea to get liability coverage to protect your financial assets. Otherwise, a legal battle can bankrupt you, because the claimant will go after your assets, including the rental property.

How Much Does Landlord Personal Liability Coverage Cost?

Landlord liability coverage is important because it protects your financial assets. If someone files a lawsuit against you, liability coverage will help you cover the costs of your legal expenses and any fees you’re required to pay. You can’t predict if someone will sue you, which is why it’s better to be prepared. Call us today to get a quote for your rental property. 

Will Landlord Personal Liability Insurance Prevent Lawsuits Against Me?

Your insurance coverage can’t prevent anyone from filing a lawsuit against you. However, insurance will help you pay for the cost of legal expenses to defend yourself as well as any damages you’re required to pay to the claimant up to the coverage amount. Your insurance coverage will protect your assets in case of a lawsuit. 

Get a Landlord Liability Insurance Quote

Don’t leave your rental property unprotected. We can help you find the right landlord personal liability coverage for your situation. We work with multiple insurance carriers to find the best coverage for the most affordable price. Reach out today for a quote!