• Barbara White

Why You Need Landlord Insurance for Your LA Rental Property


If you have been living in the Los Angeles property that you are planning to rent out, it’s important that you convert your insurance from a homeowner’s policy to a landlord policy. The coverage is different, and you don’t want to be left hanging if you need to file a claim. Landlord insurance is critical when you own a rental property in or out of state, and today we’re telling you why.


Covering Your Dwelling

Landlord insurance will protect your property and provide coverage if there’s a disaster that requires you to rebuild or replace it. Your policy will cover any of your possessions that are inside the property, such as appliances. Make sure you understand which perils are included and which are excluded.

Talk to your insurance agent about loss of rent coverage. If something happens to the home and your tenants need to move out, you’ll want to be compensated for that loss of rental income.


Protecting Yourself from Liability

Liability is the main reason that you want a good landlord policy in place. Lawsuits against landlords are popular, and if a tenant or a tenant’s guest gets injured at your property, you can expect them to file a claim. You might also be taken to court if a tenant believes your property has some defect. Protect yourself against that expense, and buy as much liability coverage as you can afford.


Renter’s Insurance for Your Tenants

Your landlord policy will cover your property, but it won’t cover any of your tenant’s personal possessions. Therefore, you should encourage or require your residents to buy renter’s insurance. It’s not expensive, and it will give both of you peace of mind.

At EFS Property Management, we require all of our owners to carry landlord insurance. You need to have it, and it’s a good idea to talk to your insurance agent annually and review your policy so you can be sure you have all the coverage you need.

If you have any questions or you need a referral to an insurance agent, please contact us at EFS Property Management, and we’d be happy to help you.

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