Heath Ritenour, IOA CEO, Discusses Landlord Insurance

Heath Ritenour Explains Why Landlords Need The Right Insurance

There are many benefits to being a landlord. However, it comes with risks. Heath Ritenour, CEO of Insurance Office of America, has first-hand knowledge that having the right insurance can give landlords added protection and security.

The first thing that Heath Ritenour explains to landlords is landlord insurance differs from homeowners’ insurance. Homeowner’s insurance has its purpose and no longer applies once the property becomes a rental.

No two insurance policies are exactly alike. However, Health Ritenour reveals what they cover in most landlord insurance policies. First, policies cover income loss because a tenant needs to move out before the end of the lease. It also covers liability costs resulting from legal fees, settlement costs, and medical expenses.

According to Health Ritenour, some policies come with additional coverages that landlords may want to consider. They do not include though flood insurance in a landlord policy. It may be possible to get an add-on that covers water and flood damage. A landlord who provided furnished homes may want to get additional coverage for furniture and fixtures.

There are several things that landlord insurance does not cover. The insurance rarely covers appliances. If a stove or refrigerator stops working, landlords will need to pay for a replacement out of pocket. Tenants’ belongings are not covered under the landlord’s policy. Tenants should carry their own insurance. It is necessary to note that landlords cannot get landlord insurance if they rent part of a home they are currently living in.

The cost of landlord insurance varies, according to Heath Ritenour. Factors such as location, history of the property, and whether it is a short- or long-term lease. However, not having landlord insurance could be very costly for the landlord.