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Landlord Insurance – Free Yourself from Rental Property Worries
If you are planning to rent out your home in Illinois, then you should know that this state is more titled towards renters rights than landlords. Therefore, to ensure you as fully covered in the event if something happens to your rental property, then you must consider landlord insurance. This policy is the best way to protect your investment.

What is a Landlord Insurance Policy?
Landlord insurance, also known as rental property insurance, covers you, the insured landlord, from unexpected financial losses associated with your property that is being rented out. The comprehensive policy usually covers perils like fire, earthquake, theft or floods that damage the fixed structure of your property.
Since each insurance policy is different, not all perils are covered in every policy; some may be included as additional or optional coverage. Other structures like sheds and detached garage can also be included additional coverage option.
The policy is written as package policy; therefore, you can devise the policy according to your needs and requirements.

Why do you need it?
Many landlords confuse homeowner’s insurance with landlord insurance. The difference between the two is simple. Homeowner’s insurance policies only cover for the damages if you are living inside that property, not when you have rented it out.
The landlord insurance policy covers your house or apartment when it is not occupied by you. This insurance covers your rental home from damages and covers you against lawsuits and personal liability.

Types of Rental Property Insurance Policy
This policy can be categorized as:

Dwelling Fire Policy
It protects your rental house/apartment from perils like fire, theft and other possible dangers as listed in the policy bought by you.

Personal Liability
This covers your legal fees if you are sued for any injury occurring on your property. It includes medical expenses of the third party.

Loss of Rental Income
It pays you, the landlord, rental income in case your property is being rebuilt or repaired that has resulted from the damage that is a covered loss.

How to Choose a Reliable Insurance Company
With so many insurance companies, it often becomes hard for you to choose. To ensure you make the right selection, here are some tips you can follow:

Research Scrupulously
Research online or ask your friends whose advice you can trust. This can help you in filtering your options. Visit insurance company forums and see what people have to say about the company you have in mind.

Get Quotes & Compare
Ask for quotes from different insurance providers, this will help you make your final decision. Evaluate the quotes with your policy needs and your budget.
You can also get help from an insurance agent who can help you review rental property insurance policies according to your needs and choose the one the suits you best.

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About Us

Rueck Insurance is your independent, one-stop insurance center for all your personal and business insurance needs in Illinois. Insurance shopping is easy when the Protection Team provides you with multiple quotes to choose from. You will always know you are getting the best coverage at the lowest possible price.

Contact Info

Rueck Insurance is your independent, one-stop insurance center for all your personal and business insurance needs in Illinois.

702 Bloomington Rd#205
    Champaign, Illnois
(217) 355-9075

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