A landlord uses his property as an extra source of income and hence that needs protection (Normal home insurance policy is not valid when one is earning from a property and for that a residential landlord policy is required). There could be various kinds of landlord's insurance, such as Landlord's House Insurance, Landlord's Building Insurance, Landlord's Contents Insurance, and others.
Coverage by Landlord's Insurance:
• The case when one's property is badly damaged by a fire and tenants move out owing to the damage. The landlord's insurance policy would cover the repairing cost and also pay the rent that the landlord loses out owing to absence of tenants during the period.
• The case wherein the landlord has a clash and consequent fall out with the tenants. In case the tenant stop paying the rent and refuse to leave the property, the landlord is forced to take them to court to get them evicted and receive the due rent. In case the landlord has purchased the “Legal Expenses” cover as part of the landlord's insurance policy, then all the costs accrued in fighting the legal case would be compensated.
Companies/ Services offering Lanlord's Insurance include:
• Foremost Insurance Group, the US
• NRMA Insurance, Australia
• AAMi Insurance, Australia
• Portnov Financial and Insurance Services, the US
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