Buy Landlords Building Insurance

Posted by Lisa Nichols Jan 30, 2008

While researching co-ownership and multiple landlords building and contents insurance, it quickly became clear that this was a growing concern, with widespread misunderstandings. If you co-own property with other people, including vacation homes or rental income properties, it’s critical that you have adequate insurance- for you.

All too often, co-owners and landlords don’t have enough- or any- building and contents insurance even though an insurance policy is present. Here’s why: Insurance is a contract between the named insured and the insurance company. It’s as simple as that. Only the people listed on the policy have insurance coverage, no matter how many people have an interest in the property.

If you are not a named insured on a building and contents insurance policy for a property where you are a landlord or a co-owner, you do not have coverage in case of a loss. And, if there is only one named insured on the policy, but there are several owners, that named insured will most likely only receive recompense for their interest in the property and the items inside (as applicable). Take heed: Insurance companies are not particularly given to accepting “we didn’t know we needed a policy” as a reason for not being insured after a fire, a theft, or any other type of disastrous event.

If you co-own a property with other parties, talk to your insurance agent about buying landlords’ building insurance to protect yourself in case of a loss.

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