Landlord Insurance in Pennsylvania
Whether you rent out a converted apartment above your home or own multiple units and derive much of your income as a landlord, you’ll want landlord insurance. While Pennsylvania and Delaware don’t require landlord insurance, if you carry a mortgage on your property, you’ll need landlord insurance as a condition for your loan. New Jersey recently added liability requirements to commercial ventures, including landlords. You can find the article here. The Allied Insurance Group works with several carriers who can provide you with the right coverage for your rental property. Since everyone’s situation is unique, Allied Insurance Group will make sure your insurance fits your needs.
What Is Covered with Landlord Insurance?
Renting out a small apartment above your primary residence may not seem like a big risk, but adding a tenant to a property creates new liability issues which you may not have thought of before. If you slip on the ice in the winter walking down your driveway because it wasn’t cleared, it doesn’t constitute legal negligence for anyone except for you. If your tenant slips, you could now be liable for damages. For this reason, regardless of requirement, if you’re leasing an apartment to anyone, regardless of its size or your relationship to that person, you’ll want to consider landlord insurance. Oftentimes, novice landlords mistakenly think that renter’s insurance covers anything which happens to a tenant, but that’s often not the case. Renter’s insurance covers the contents of the apartment that the tenant owns, and only issues which arise due to their negligence. In the event of anything from a simple slip-and-fall to a catastrophic disaster, make sure you’re adequately covered with the correct policy.
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