West Virginia Landlord Packages
Landlord insurance serves to protect landlords during circumstances where they are prevented from using their property to earn an income.
These circumstances include legal disputes between a landlord and tenant. If coverage for legal expenses is purchased as a part of the insurance coverage, landlords will be compensated for any related legal fees. In cases where the property is damaged to the point that it is inhabitable, landlord insurance will help cover the costs to repair the damages as well as compensate the landlord for the loss in rent collected during the rebuilding. Like all contracts, the precise language of theinsurance coverage must be carefully reviewed to understand precisely what is and is not covered. Coverage may be limited to damage of the interior or exterior of the property.
Because of the variety of coverage available, landlords are often advised to carefully consider different options before buying an insurance policy. Comprehensiveinsurance provides coverage for all types of situations except those specifically excluded. In contrast, peril policies generally cover fewer types of damage and list only those losses that will be covered. Potential policy holders are also often advised byinsurance companies to not only consider possible property damages, but also libel, slander and discrimination.
Landlord insurance generally offers two methods through which property losses can be settled. These include actual cash value and replacement value. Landlords generally pay a lower premium for actual cash value settlement since they will receive compensation only after deprecation is subtracted from the current value of the property. With replacement value settlement, compensation will cover the necessary costs of replacing the damaged property without considering any deprecation. Property, however, will have to be replaced in order to qualify for this settlement. If it is not replaced, settlement, by default, will likely be actual cash value.
In addition to choosing the actual cash value settlement method, another option for reducing the premium for landlord insurance is to increase the deductible. The deductible is the amount of money the policy holder himself will pay to recover a loss. Higher deductibles can also result in discounts.
Because landlord insurance covers only the property and the rights of the landlord, tenants can greatly benefit from renters’ insurance. Damages to personal belongings or another person’s property within a tenant’s residence become the responsibility of the tenant. Renters’ insurance will provide liability coverage and, in some cases, it could also cover pertinent legal expenses. Renters’ insurance, similar to that offered to landlords, has a variety of options for coverage.
Yeager Insurance & Financial Services is an independent insurance and financial services agency serving West Virginia. To learn more about how we can serve your insurance and financial needs, please contact us at (304) 757-3900. You may also use this site to submit requests for insurance quotes 24 hours a day, 7 days a week.
