Portland Landlord Insurance
Portland landlord insurance is not your typical house insurance or property insurance. Many people who own rentals homes or who earn income as a landlord often wonder why they need the separate coverage. The truth is, a landlord insurance policy provides you with extra coverage, compared to what you receive in your basic homeowner's package. As anyone in Portland, Oregon can tell you, having extra coverage can save you thousands of dollars in the long run.
When you are looking over Oregon landlord insurance quotes for Portland landlord insurance, you will want to make sure the policies you are considering cover all of the basics. Most Portland landlord insurance policies will include coverage for the actual dwelling, contents insurance (protection for any of your belongings that are not attached to the building), liability, medical protection, and in some cases, fair rental income, which will cover your losses in the event an accident leaves you unable to rent out your house or apartment.
Portland, OR Landlord Building Insurance
The building portion of your policy is the biggest part of your Portland landlord insurance and perhaps the most obvious. As a matter of fact, if you run across a policy that does not cover the actual building your tenants live in, you probably do not want to purchase that one. This might include a single house, apartment, duplex, triplex, quad, bungalow, basement or garage apartment, vacation home, condominium, apartment building, or even a room for rent inside your own home. Basically, any type of dwelling you own or purchase for the purpose of renting out to other people will qualify.
So what exactly does this part of your Portland landlord insurance protect you from? That can be very different, depending on what company you choose to work with, but most of them will include any number of weather related and man-made elements. Most of your basic policies will include fire and smoke damage, and any type of accident caused by storms or inclement weather. This might extend to wind, lightning, and hail damage, and in some cases, it will include flood damage. Other companies might include protection against falling items, such as trees and limbs; explosions; aircraft crashes; harm caused by motor vehicles; freezing of plumbing, heating systems, air conditioning systems, and even some appliances; theft; vandalism; harm caused by your renters; civil disorder; and inside glass breakage. Also, collapse or damage from snow, sleet, and ice, which any Portland, OR resident can tell you is important to have, especially those who live at higher elevations.
Check with your agent before signing any agreement to make sure you are protecting yourself against anything you feel will affect you and your property. Sometimes, you can have this portion of your policy customized to fit your specific needs.
The Importance of Landlord Liability
Having liability as a part of your Portland landlord insurance is very important. Basically, it protects you against claims are brought against you by other people, due to injury or any sort of damage of belongings that happens on property you own. A claim and even a lawsuit can be filed against you by anyone, ranging from your tenants to people you have hired to work on your premises. Lawsuits can be expensive and even if you win the case, legal fees can end up driving you into bankruptcy. Portland, Oregon landlord liability can prevent this from happening.
What exactly is included in this portion of your Portland landlord insurance? Obviously, the exact details will vary by company, but the most important part of this area of your Portland landlord insurance is to cover your legal defense costs in the case you are sued by someone who is injured on your land or inside your home. You may be thinking your Portland, Oregon area rental is safe and would never be the target of such a lawsuit. Unfortunately, no matter how many extra precautionary measures you take to ensure the safety and security of your dwelling, someone can still get hurt. Accidents can still happen and in some cases, you may simply have a malicious tenant, employee, or contractor on your hands, who is looking for a way to cause trouble for their own personal gain or who is simply litigious by nature.
Remember, no matter which Portland landlord insurance package you end up with, make sure it is the right one for you and your financial situation. Make sure it fits your needs and that your agent is located in or familiar with the Portland area. Being a landlord is a tough enough job in itself. The unexpected can always happen, but having the right tools in place can make your job so much easier and give you one less thing to worry about.
