Landlord Insurance Spokane WA
Are you in need of landlord insurance in Spokane, Washington? Landlord insurance helps protect you if someone gets hurt on your property or if the rental property is damaged. Let’s take a look at what’s covered under landlord insurance so that you can make an informed decision.
It’s important to understand that landlord insurance isn’t required by any law or regulation. However, it’s a good idea to have landlord insurance if you rent a property, even if you only do short-term rentals.
Coverage for the Rented Dwelling
Landlord insurance provides coverage for the unit that is being rented and any structures that are attached to that unit. This could include a porch, a deck or a garage.
Coverage for Additional Structures
If there are additional structures located on the rental property, landlord insurance provides coverage for these structures. Additional structures may include sheds and detached garages.
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Liability Insurance
Landlord insurance comes with liability insurance, which covers expenses related to injuries at your rental property due to lack of maintenance. For example, let’s say that you have a deck on the back of your property, and it’s not in good repair. While someone is standing on the deck, the boards give way, leading to an injury. Your liability insurance would help pay for any related medical expenses and legal fees.
Rental Income Coverage
If your building is damaged by a covered event and you cannot rent it until repairs are completed, your landlord insurance will replace the lost rental income.
Medical Coverage
If a visitor or guest is injured at the property, this coverage helps pay for their medical expenses.
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Landlord Personal Property
If you have personal property that you use to maintain the rental property at the property, this coverage helps protect it if it were to become damaged or destroyed due to a covered event. Some personal property that may be covered include lawnmowers, snow blowers and tools.
Landlord Insurance Optional Coverages
In some instances, you may want to add additional coverages to ensure that you are fully protected.
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Vandalism Coverage
If you’re worried about vandals damaging your rental property, you’ll want to add vandalism coverage. Typical basic landlord insurance policies don’t cover vandalism. This coverage helps pay for any damage done to your property by vandals. It’s important to note that this coverage doesn’t typically include properties that have been vacant for longer than 90 days.
Burglary Coverage
If you are worried about people illegally entering your property and stealing items, you should get burglary coverage. A basic landlord policy will cover damage to windows and doors, but it may not cover personal property that’s stolen.
Under Construction Coverage
If you plan to renovate your property in the future, you’ll want coverage for the property while it’s under construction.
Building Codes Coverage
Building code coverage helps pay for any upgrades you need to do to your building in order to meet the current building codes. This coverage comes into effect if your property was damaged by a covered event and needs to be repaired, but there are new building codes that require certain things to be upgraded along with the damage repair. Items that typically fall under this clause include electrical, plumbing and HVAC systems.
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What’s Not Covered Under Landlord Insurance
- Home-Sharing – If you’re renting a room in a home that you occupy, landlord insurance won’t cover you. It may be best to discuss other insurance options with your Spokane insurance agent.
- Equipment Breakdowns – Landlord insurance doesn’t cover equipment breakdowns. If the HVAC, dishwasher, refrigerator or another appliance fails, you’ll have to replace it from your own finances.
- Tenant’s Personal Property – Landlord insurance does not cover your tenant’s belongings. Always remember to tell your tenants that they will need to purchase a renters policy in order to protect their personal property.
- Eviction Insurance – Many landlord’s policies don’t cover evictions. You will need to check with your agent to verify if there is coverage.
Types of Rentals Landlord Insurance Covers
Landlord insurance typically covers:
- Rental properties with leases longer than 6 months in duration – These are known as long-term rentals.
- Rental properties with leases that are less than 6 months in duration – These are known as short-term rentals. This may also include short-term rentals posted on sites like Airbnb, Vrbo and Homestay.
- Infrequent rentals with leases less than six months – These are known as infrequent short-term rentals.
How Much Landlord Insurance Do You Need in Spokane, Washington?
The amount of landlord insurance you need will depend on several factors, including the square footage of your rental, the market value of your rental property, how many tenants you have in the property, and how many structures you’re insuring.
The good news is that our agents at Boyd Insurance Brokerage Inc. in Spokane can answer all of your questions and provide you with a quote for landlord insurance. To learn more, give us a call at 509-340-2693.
