Many homeowners in Evergreen Park, IL make the mistake of assuming that their homeowner’s insurance will protect their property in case of an accident, natural disaster, or other situations that cause damage. Often, homeowners insurance will not cover your home if you are renting out to tenants. Landlord liability insurance helps to protect your property if something goes wrong.<\/p>\n
What Is Landlord Liability Insurance?<\/strong><\/p>\n Landlord liability insurance covers you financially in case a tenant or guest attempts to file a lawsuit against you for damages. Damages include financial harm, emotional distress, physical injuries, and a fatality. It assists with paying for costs if it’s determined that you’re legally liable for an injury on your property.<\/p>\n What Is Covered By Landlord Liability Insurance?<\/strong><\/p>\n Liability protection: This typically covers medical or legal expenses that may occur if a tenant or guest experiences an injury as a result of poor property maintenance (example: shoddy sidewalk, mold, icy walkways, etc).<\/p>\n Property damage: This covers property damage that stems from fire, gas\/electric defect, irresponsible tenants, or from a natural disaster.<\/p>\n Loss of Rental Income: This covers you in the event that your property becomes completely uninhabitable due to termites, rat infestation, mold. With some insurance policies, you will receive a temporary rental reimbursement to offset the rental fees you would have received otherwise if your property was not occupied by tenants.<\/p>\n Why You Need Landlord Liability Insurance<\/strong><\/p>\n Even with homeowners insurance in Evergreen, IL, chances are your policy will not cover your property if it’s occupied by tenants. With landlord liability insurance, the structure of the property is protected and includes liability coverage that can help you avoid expenses paid out of your own pocket if it’s determined that you are at fault in particular situations.<\/p>\n Takeaways<\/strong><\/p>\n If you’re considering landlord liability insurance, it’s essential that you speak with an agent at The Martin Insurance Team to tailor coverage that best fits your situation. The Martin Insurance Team will review your needs and help you determine which type of landlord liability insurance is the most appropriate for you.<\/p>\n","protected":false},"excerpt":{"rendered":" Many homeowners in Evergreen Park, IL make the mistake of assuming that their homeowner’s insurance will protect their property in case of an accident, natural disaster, or other situations that cause damage. Often, homeowners insurance will not cover your home if you are renting out to tenants. Landlord liability insurance helps to protect your property if […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[36,34],"class_list":["post-331","post","type-post","status-publish","format-standard","hentry","category-home-insurance","tag-evergreen-park-il","tag-martin-insurance-team"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t