Landlord insurance is insurance coverage available to someone who owns a property and rents the property to others. It typically consists of two parts: property protection (to cover the property itself in the event of damage or loss) and liability protection (to cover injuries suffered on the property and legal costs for any claims made against the property owner).
In addition, rental property insurance is required during the closing purchase process to close on a loan. If the property is owned outright, landlord insurance is not mandatory, but it is recommended as the cost of repairing/replacing properties or covering medical and legal costs in the event of a claim can be high without it.
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