Landlord Insurance, what type of insurance coverage do I need as a property owner?

Landlord Insurance, in general landlord insurance covers the units, property and structure itself.  What this does not cover are the belongs of the tenants.  For tenant belongs, y our tenants need to buy renters insurance.

There are four standard types of insurance coverage most landlords will need.  Liability insurance is one type that all landlords should consider to protect themselves against tenant negligence and possible lawsuits.

General Liability Insurance.  A general liability insurance policy covers you against claims made by a third party such as a tenant or their visitors for negligence, damage caused to the property of a tenant or visitor to your property, an injury to someone on the premises or damage or harm to a third party who may be working on your property. 

Flood Insurance and Water Damage Insurance.  This coverage protects against any sort of water damage except a sewer back-up. 

Umbrella Liability Insurance.  For most, this is coverage beyond that which a basic liability insurance policy provides and takes affect after a basic policy has paid the maximum it will pay.  This coverage is for the catastrophic losses where a basic policy becomes insufficient.

Property and Casualty Insurance.  A property and casualty policy will provide you with protection against damage to the property from events as diverse as glass breakage, vandalism, fire, smoke, lightening, etc.  It will also provide protection against loss of income if the unit becomes inhabitable due to the damaging incident.