Oklahoma City Landlord Insurance

Oklahoma City landlord insurance is something any landlord in Oklahoma City, Oklahoma needs to protect his or her business. You may already have house insurance or property insurance on the house you intend to rent out, but a landlord policy makes sure you are protected against any extra perils that can come along with owning rental property. No matter how much you screen them before they move in, dealing with tenants and renters can be very unpredictable. Throw in the potential for an accident to happen to your home. Basically, you cannot afford to be without it, especially if you plan to turn your rental or rentals into a successful and thriving business.

What are You Protected Against?

No matter what type of dwelling you own, your Oklahoma City landlord insurance will protect you in a number of incidents and situations. You may own one or several single family houses or you may own an apartment or an entire apartment building. Either way, your insurance policy can protect you from anything Oklahoma City, OK throws your way - and that can be a lot.

Anyone who lives in Oklahoma City knows how unpredictable the weather can be. The city sees a severe weather season every March through August, which can bring heavy winds, lots of lightning, and something Oklahoma is generally known for, tornadoes. Did you know that Oklahoma City is considered one of the most tornado-prone cities in the United States? A tornado has been recorded at least once in every month of the calendar year. With those odds, you will definitely want to make sure your Oklahoma City landlord insurance protects you against weather damage.

Most basic Oklahoma landlord insurance policies do include weather damage (with the exception of flooding and sometimes earthquakes), as well as fire, smoke, theft, explosions, motor vehicle impact, impact from an aircraft, vandalism, theft, social disorder, glass breakage, fallen trees, chemical issues, electrical problems, frozen pipes, and problems that come from snow and ice. Essentially, what is in your policy is going to be determined by your insurance agency as well any rules the state of Oklahoma has in place. Before making your final Oklahoma City landlord insurance purchase, be sure that nothing you want to be protected from is excluded.

Oklahoma City Landlord Insurance Liability

When you are looking at insurance quotes, you will notice there are usually anywhere from three to five sections of Oklahoma City landlord insurance. The two most straightforward parts of your Oklahoma City landlord insurance are usually building, which covers the actual physical dwelling where your tenants live and contents insurance, which covers belongings independent of the structure, such as furniture, appliances, and tools. The next part is called liability and sometimes it will include medical coverage, though they may fall into separate categories, depending on which OK agency you choose to work with.

So what is liability and what does it do? Any landlord would be wise to make sure their policy includes it. Basically, it will prevent you from going broke paying legal and medical fees. If a tenant or worker you have hired or contracted is injured at your dwelling, they may decide you are at fault. They may take you to court and even if they are unsuccessful, you may still end up with mounting legal fees. Even if you are found guilty, your Oklahoma City landlord policy may cover the payout on your behalf.

The liability portion of your Oklahoma City landlord insurance can help take care of these costs, so that you can continue with your landlord business instead of filing for bankruptcy. If yours does include extra medical coverage, it generally means that someone who is injured at your dwelling will be reimbursed for any immediate attention required. This might include first aid or an ambulance ride to the hospital. Liability will generally pay for extended health related costs and any pain or suffering the incident has caused.

Oklahoma City Loss of Rent

The fifth section of your Oklahoma City landlord insurance is often called loss of rent. For the most part, if you are a landlord, you depend on your rental income to pay your own bills. Your company understands this and may offer to help at times when you aren't receiving that cash. Your dwelling may become unlivable due to fire or weather damage or you may be engaged in a lawsuit with your tenants. If there is some reason you cannot rent your building out, this part guarantee that you will receive that income. Usually, policies will pay for your rental for anywhere from six months to a year. It highly depends on the company and their practices and procedures, and what you elected to have when you made your purchase.

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