Insurance is a must-have if you own rental property. Landlord insurance is beneficial for those who rent out their homes, apartments, or commercial property. Coverage can protect you from costly litigation for a wide variety of reasons. You may wonder, does landlord insurance cover tenant injury? Below, you will find helpful information about landlord insurance coverage and why it is right for you.
Does Landlord Insurance Cover Tenant Injury?
Landlord insurance provides coverage for those who rent out their property. When researching, many people often wonder if landlord insurance covers tenant injuries. Landlord insurance can cover tenant injuries in certain circumstances. The policy has liability protection, which covers tenant injuries.
Tenants or visitors injured on the property due to the landlord’s negligence are covered by landlord insurance. This includes coverage for medical expenses, legal fees, and even settlements. Common scenarios landlord insurance covers include hazardous conditions and structural issues. Injuries that occur in common areas are also often covered by insurance. However, landlord insurance alone may not be enough. Consider additional policies to protect your business and rental property.
What Scenarios Does Landlord Insurance Not Cover
There are some scenarios where landlord insurance may not cover tenant injury. Common scenarios include negligence on the part of the tenant alone. Intentional acts caused by the landlord or their subsidiaries are also not covered by landlord insurance. Lastly, unreported hazards that the landlord had no reasonable way of knowing about may not be covered by insurance.
There are several factors that determine if landlord insurance covers a specific injury. These factors include the cause and location of the injury. Additionally, the awareness on behalf of the tenant of the hazard. Lastly, landlord insurance has policy limits. Depending on the limit, the landlord may need to pay out of pocket.
Landlord and Other Insurance Coverage
Landlord insurance is a type of insurance specifically for property owners. It is different from homeowners insurance and tailored to protect landlords. You can get additional coverage beyond landlord insurance. However, it is a must-have policy. Additional insurance for large businesses may include flood or earthquake insurance. Workers’ compensation and business interruption are also beneficial for landlords.
Landlord insurance is necessary due to risks specific to rental properties. This includes property damage and loss of rental income. Landlord insurance covers the structure of the building against damage. It also compensates landlords for lost rent in the event of serious damage to the rental property. Coverage also includes liability protection if damage or injury occurs on the property.
What Do I Do If a Tenant is Injured?
In the event of an injury on the rental property, there are several steps you need to take if a tenant is injured. Move promptly to avoid unnecessary costs due to liability issues. If the issue is life-threatening, call 9-1-1 right away. If not, be sure that the tenant gets the medical assistance they need due to the injury. Take photos and document every detail of the incident. People often forget things, so it is important to document the details right away.
Addressing the immediate medical needs of the tenant is a top priority. After you have documented the injury, contact a lawyer right away. If you have one on retainer, ask for their advice on this issue. From there, file an insurance claim. You should contact your insurer as soon as possible to file. Fully cooperate with the insurer and the advice of legal counsel. This can save you a lot of time and money in the future.
Insurance for Large Businesses
If you need coverage for your rental property, contact the team at Safecal for more information right away!