Top 3 Landlord Insurance Claims You Must Know

As a seasoned landlord, you know that safeguarding your rental properties is key to maintaining a steady cash flow and protecting your investment. You've likely encountered a few bumps along the way, like unexpected weather damage or tenant disputes, and you understand the importance of being prepared for anything. Let's dive into the top three insurance claims you should be aware of, along with some handy tips to help you prevent these issues before they become costly problems.

First Common Claim: Weather-related

Weather can be unpredictable, and its impact on your properties can be significant. You've probably heard stories from other landlords about roofs damaged by storms or trees falling on properties. These tales are not just cautionary; they're reminders of the risks you face. Insurance coverage is crucial to protect against these unexpected events.

Hail and windstorms identified as predominant weather-related claims.

Hail and windstorms are notorious for causing damage, ripping shingles off roofs, and toppling trees onto homes. Quick action is essential to minimize further loss. As a proactive landlord, you can take steps to protect your property, like trimming branches near buildings and ensuring roofs are maintained. Insurance policies typically cover emergency repairs, so make sure you document everything with photos and receipts for a smoother claims process. To further enhance your preparedness, learn how to avoid common landlord mistakes.

TIP: Regular roof inspections can prevent minor issues from becoming major claims. Explore more tips on Steadily's blog.

‍

‍

Second Common Claim: Water Damage

Water damage is more than just an inconvenience; it's a potential financial threat. You might have dealt with a small leak before, but a burst pipe can flood a property in no time, leading to extensive and expensive repairs.

Burst pipes and roof leaks are the most common forms of water damage claims.

These issues often start small and unnoticeable, but they can escalate quickly if not addressed. Insurers frequently handle claims for burst pipes and roof leaks, covering sudden and accidental events. However, standard policies might not cover flood damage, so consider additional flood insurance for comprehensive protection. Acting swiftly to repair water damage can save you from greater expenses down the line. Be aware of unexpected landlord costs that can arise from such incidents.

TIP: Regularly inspect plumbing and roofs to catch potential issues early. Learn more about managing costs on Steadily's blog.

Third Common Claim: Theft, Vandalism, and Malicious Mischief

Theft and vandalism aren't just nuisances; they can cause significant financial loss. As a landlord, you must be vigilant about these risks to protect your properties and maintain tenant satisfaction.

Examples range from break-ins and graffiti to broken windows and theft of items.

Crimes such as break-ins can lead to broken windows and stolen items, while vandalism might result in graffiti or other damages. Insurance policies often cover structural damage but may not extend to personal property left by tenants. Consider additional endorsements for theft to ensure comprehensive coverage. Always report incidents to the police, as this is typically required for insurance claims. To further protect yourself, ensure you stay legally protected.

General Advice On Preventing Losses

Proactive measures can save you from costly surprises. Regular maintenance, thorough tenant screening, and comprehensive insurance are your best defenses against potential losses.

1. Regular Maintenance
   • Check roofs for leaks and damage.
   • Clean gutters to prevent water buildup.
   • Inspect HVAC systems twice a year.
   • Test smoke detectors monthly.
2. Thorough Tenant Screening
   • Run credit checks on all applicants.
   • Contact previous landlords for references.
   • Verify employment and income details.
   • Conduct background checks for criminal records.
3. Ensuring Comprehensive Insurance Coverage
   • Get policies that cover weather-related damages like windstorms and hail.
   • Include water damage coverage, such as burst pipes and roof leaks.
   • Ensure theft, vandalism, and malicious mischief are covered.

Understanding your landlord responsibilities and exploring financing rental properties can further enhance your property management strategy. Additionally, if you're considering out-of-state rental investments, it's crucial to understand the insurance needs and potential risks involved.

How Steadily Can Help?

With Steadily, you can access personalized advice tailored to your needs as a landlord. Our expert team is here to help you secure the right insurance coverage and protect your rental properties. Reach out to Steadily Landlord Insurance today to safeguard your investment. For more information on how to read insurance policy forms or compare landlord insurance, visit our blog. Additionally, our guide on covering rental properties can provide further insights into securing comprehensive coverage.

‍