Landlord insurance has one essential function: to protect rental property owners from financial loss. This coverage is not legally required in Florida, but is often mandated by mortgage lenders. It is a terrible idea to own rental properties without landlord insurance.
What Landlord Insurance Covers
The financial loss can take several forms, such as:
- Property Damage– This covers damage to the building, structures, and common areas of a landlord’s property caused by fire, storms, vandalism, or theft. Some examples of items covered include walls, roofing, windows and doors, fencing, electrical, and plumbing issues. Damage due to flooding from heavy rain and storm surge is not typically covered in a standard landlord policy, so you need to add that coverage to your protection plan if you are in a high-risk area for flooding.
- Liability Protection– Landlord insurance provides coverage for legal and medical expenses if a tenant or visitor is injured on the property and subsequently sues. These policies may also include protection from lawsuits due to negligence, wrongful eviction, or discrimination.
- Loss of Rental Income– This coverage compensates the landlord for lost rental income if the property ends up uninhabitable due to a covered event such as damage from fire, or a hurricane.
Optional Supplemental Coverage
There are several issues that are not covered by most landlord insurance policies and might be good to consider, such as:
- Flood Insurance– Florida’s tropical climate makes it highly prone to flooding, but standard policies don’t cover it. Flood insurance is a separate policy that protects the landlord against losses due to damage caused by heavy rain or storm surge. Because most of Florida is close to sea level, in the path of hurricanes, and frequently has severe storms, having flood insurance is a necessity.
- Hurricane & Windstorm Coverage– Some landlord insurance policies exclude wind damage. Be sure to work with your local insurance expert to ensure that your property is protected from wind damage.
- Equipment Breakdown– Landlords are responsible for keeping the air conditioners (HVAC), water heaters, and other systems within the property running smoothly. This policy may cover appliance repairs if they are owned by the landlord.
Landlord Insurance is Essential for Protecting Rental Property Owners
Landlord insurance in Florida is crucial for safeguarding your rental properties against hurricanes, liability claims, and lost rental income. The details about the coverage specifics, deductibles, coverage costs, and claims can be overwhelming. Thus, you should always work with an insurance agent familiar with Jacksonville and surrounding areas to determine your risks select the right rental property protection.
Let the Mizrahi and Garris Insurance Agency Provide Your Landlord Insurance
Landlord insurance can be complex and confusing. For this reason, we highly recommend you speak to one of our landlord insurance experts to ensure that you are completely covered if disaster strikes. Here are a few reasons to select the Mizrahi and Garris Insurance Agency:
- Mobile Home-Insurance Experience–We have provided coverage for Jacksonville area landlords for over 20 years. We understand the unique needs of rental properties and how to ensure you are protected in case of a loss.
- Superior Customer Service—We strive to provide world-class customer service. We answer your questions with in-depth information to make the right coverage decisions for you and your tenants.
- Over 20 Years of Local Insurance Experience—We’ve served Jacksonville and the surrounding areas, including customers in the 32034, 32080, 32081, 32082, 32084, 32085, 32223, and 32259 zip codes for over 20 years. We know the area well and the coverage challenges local rental property owners face.
- Free No-Obligation Insurance Quote–Connect with us for a free, no-obligation landlord insurance quote. We’ll help you find a protection plan perfectly customized to your rental property’s needs. Call us at (904) 262-9202 or click the “Free Quote”to talk to an insurance expert today.