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Understanding Landlord and Renter Insurance Responsibilities

How Does Insurance Provide Protection for Rental Property Owners?

At Lebowitz & Mzhen Personal Injury Lawyers, we understand the importance of safeguarding your investment as a landlord. A bespoke insurance policy can be a fortress for your rental property, offering protection from a range of mishaps such as fire, storms, burglary, and vandalism (note: earthquake and flood insurance are generally acquired separately). An inclusive insurance package not only guards against property damage but also includes liability coverage, which is essential for any incidents that visitors or tenants might experience due to unsafe conditions on the premises. Additionally, this coverage extends to legal defense costs in the event of personal injury claims.

To fortify your rental business, we suggest the following insurance strategies:

  • Opt for a coverage limit that reflects the full value of your property and assets, ensuring that you are fully protected.
  • Ensure that the policy encompasses a variety of potential liabilities, not limited to physical injuries but extending to include libel, slander, discrimination, illegal eviction acts, and privacy invasion experienced by tenants or their guests.
  • Include liability insurance for all business-operated vehicles, taking into account vehicles utilized by property managers, to cover any potential on-the-job usage.

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What Protections Does a Renter’s Insurance Policy Offer?

Our attorneys at Lebowitz & Mzhen Personal Injury Lawyers advise tenants to secure their own insurance for comprehensive protection. The landlord's insurance plan typically excludes coverage for tenant property losses due to fire or theft. A standard renter's policy is crafted to defend tenants' personal possessions up to the declared policy value, usually between $25,000 and $50,000.

Renter's policies frequently have deductibles, often set at $250 or $500. This means the insurance provider compensates for theft losses only after considering the deductible amount. Besides covering fire and theft, the average renter's insurance also includes personal liability coverage, which might protect against incidents where the tenant's negligence leads to injury or damage, like inadvertently flooding a neighboring property.

Renter's insurance is a multifaceted package, tailored to cover several risks. Policies differ among insurance firms, with variations in included coverages, exclusions, amount limits, and deductibles. Tenants residing in areas prone to floods or earthquakes may face additional charges and challenges in obtaining adequate coverage and are encouraged to conduct thorough research to meet their insurance requirements.

For both landlords and tenants requiring a deeper understanding of their insurance needs or facing legal challenges associated with property insurance, Lebowitz & Mzhen Personal Injury Lawyers offer guidance and a Free Consultation. Protect your peace of mind by contacting us today at (800) 654-1949 for any inquiries regarding landlord and tenant insurance matters.

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Client Reviews
Throughout the process [of the motor vehicle collision case] you were available, responsive and up front. You were available for my questions, and my need for reassurance, and when the opportunity arose to better the outcome of my case, you did not shy away from the extra work. You have proven yourself to be an honest, realistic and caring advocate for the little guy in need. I will refer your firm to any who may be in similar need. John C.
I can't thank you enough for your efforts and dedication to resolving my case. I also want to thank you for your consistent professional manner, touched with that extra personal care that I sensed whenever we communicated. . . . You are a wonderful person and I wish you continued success. Again, thanks for everything. Hallie W.
I am proud to have had Lebowitz & Mzhen represent me in an automobile personal injury case I was involved with. Not only did they come through with a settlement worth far more than I thought possible, the entire office was always friendly, knowledgeable, and ready to answer any questions I had. Should an incident like this occur again, I will not hesitate to contact Lebowitz & Mzhen for their counsel, advice and representation, and I would wholeheartedly recommend them to anyone seeking honest and effective attorneys. Mark B.
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