Are you a landlord in Stone Mountain or Metro Atlanta, Georgia? If so, you probably already know what types of landlord insurance are available to you. However, if you’re new to being a landlord, you’re probably looking for information about what you need for coverage. In this post, we’re going to go into detail about what you might need.

What Is Landlord Insurance?

Landlord insurance is also known as rental property insurance, and it’s a particular type of homeowner’s insurance that covers a residence in the event of damage or liability. Landlord insurance policies may be similar to or more expensive than homeowners’ policies, depending on what options you select.

What Does It Cover?

The most basic landlord insurance packages will include the same things that homeowners’ insurance covers – physical damage due to fire, weather, and other major sources of damage. You may also have options like coverage for:

  • Property damage to structures like garages or sheds
  • Personal liability to protect you if you are sued
  • Protection against a loss of rental income
  • Protection for personal property left on the rental property

Who Needs Landlord Insurance?

Landlord insurance is not required by law in the state of Georgia. However, like with any investment, you should protect yourself – should something go wrong. Landlord insurance is a great way to help you recover from a devastating accident at your building, and help protect you if someone decides to sue you. In our professional opinion, every Georgia landlord should have landlord insurance that completely covers their property.

The Different Types of Insurance for Landlords:

The simplest policies cover just property damage to your building’s main structure. However, as we saw above, you can also get more comprehensive coverage that will protect you in other circumstances. These options will cost you more money, but the extra cost is usually worth the benefits. After all, your investment properties are a part of your income and, essentially, are a small business run by you.

How Much Does It Cost to Insure My Properties?

Generally speaking, landlord insurance will be more expensive than a homeowner’s policy for the same building. This is because there are others living in the apartment or house that can be protected, too. As we’ve mentioned, your landlord’s policy can also protect you in the event that one of your tenants sues you.

Landlord Insurance vs Renter’s Insurance

These are two very similar policies in that they protect someone from out-of-pocket charges to replace appliances, belongings, or even part of the structure itself. However, renter’s insurance is meant to be held by the renter. A renter’s policy will protect the individual living in the apartment or home from a variety of issues.

Related: The 5 Big Reasons You Don’t Want to Say No to Renter’s Insurance

Landlord Insurance in Metro Atlanta

Are you looking for new coverage or a change in who you do business with for all of your insurance needs? Here at Apex Insurance Services, we work closely with our Stone Mountain and Metro Atlanta clients to get them the insurance coverage they need.  Our goal is to get you protected without spending more than you need to.

Contact our team today to learn more about how we can help you. You can also get a free quote for landlord insurance services that meet your needs! We look forward to serving you.