Georgia Landlord Insurance

Georgia landlord insurance is no the normal house insurance that a landlord would get for their own home. It is something completely different and is designed for landlords only. As a matter of fact, a landlord first obtains insurance quotes to find the right policy for them and they then tell the Georgia insurer that they want to insure their rental property.

This is the Georgia landlord insurance company's queue to provide the right kind of coverage for this specific situation. The situation of renting property out in Georgia is different than homeowner's coverage, but it is a type of property insurance. That is why you don't want to opt for a homeowner's policy in Georgia.

And when you do take out a Georgia landlord insurance policy on the property, make sure that what you opt for is enough to cover the replacement cost of the property and any other items that need to be covered within it. Not having adequate coverage could result in you having to pay out of your pocket for the difference between what your insurer pays and what they don't. Sometimes, this can be rather expensive.

So don't let yourself fall victim to a situation in which you cannot replace the property in its entirety. If you can't, then you are risking losing some of your income stream, which is something that you don't want to happen.

Homeowner's vs. Landlord Insurance

Yes, you do own the property that you are renting and it is a home. However, you don't want a homeowner's insurance policy on it for the fact that you will not be living in it. There is a huge difference between the two types of coverage. Georgia landlord insurance is underwritten to benefit just landlords and no one else.

When you have homeowner's, you live in the home and everything is covered. If the house burns down, it and everything within it is covered. If someone is injured on the lawn or within the walls of the home, you are protected from a liability lawsuit. Basically, you have landlord house insurance protection that is very much worth the premium that you pay. Being covered means avoiding losing assets, such as your home, to cover liabilities and protecting yourself financially from the loss of your home due to natural disaster.

With landlord coverage in Georgia, there are some items that are not included. It is just enough protection to make sure your interests are not at risk. For example, the structure catches on fire. In this fire, everything is destroyed. This includes the contents within.

You do not have to really worry about the contents within the structure because the contents belong to the tenant. The tenant should have contents insurance. If you have anything within the property that belongs to you, such as appliances and furniture, your Georgia landlord insurance takes care of this for you. However, only your belongings are covered and no one else's.

If someone is injured on the property, your Georgia landlord insurance can cover the liability if you are the one who is at fault and if the area is one that you are liable for. For example, the coverage that your tenants buy will cover them if they are at fault for someone else's injuries while someone else is inside the home. As for the outside, it is usually the responsibility of the landlord to make sure the grounds are in shape to not be cause for an injury.

You may want to discuss with your tenants and even include in the lease agreement which areas you are responsible for and which they are responsible for. Because of this, you may want to require your tenants to acquire protection for their contents so that they have some protection against material loss and liability claims. Many landlords in Georgia are starting to have this requirement.

Saving Money

You can also save money on your Georgia landlord insurance. You do this by installing systems within the home that make it safer. For instance, a sprinkler system can put out a fire quickly. You may also opt for the home to be rewired if the electrical wiring is old. This reduces the fire risk. This can be worth your investment in that you save money on your Georgia landlord coverage and you reduce the chances that the home will be destroyed.

You can also opt to pay your Georgia landlord insurance on an annual basis rather than monthly, every three months, or every six months. The insurer is going to like it if you decide to pay annually. This reduces paperwork and manpower.

So make sure you are adequately covered with Georgia landlord insurance. Remember, don't go for a homeowner's policy unless you will be living within the property. The two are very different, offering different benefits and price ranges.

Landlord Insurance Properties