Are you a landlord in Nevada? Protecting your investment property should be a top priority. As a landlord, you face a unique set of risks, from property damage caused by tenants to legal liability for accidents that occur on your property. That’s why having Nevada landlord insurance from Western Pacific Insurance is essential.
What is Nevada landlord insurance?
Nevada landlord insurance is a type of insurance policy designed specifically for landlords. It provides protection for your investment property, including the building itself. Make sure to let your agent know about any personal property you keep on site. Additionally, let your agent know any special liability exposures you might have (i.e. prominence in community, etc.). Review your rental property coverage with your agent to make sure you have all needed coverages.
What does it cover?
A typical Nevada landlord insurance policy includes several different types of coverage, including:
- Property damage: This covers damage to your building. It can protect you against damage caused by events like fire, theft, vandalism, and natural disasters.
- Personal property: You will need to let your agent know of personal property you keep on site, such as appliances or furniture. This isn’t warranty coverage, but coverage for things like fire and other disasters.
- Liability: This covers you in case someone is injured on your property and you’re found to be legally responsible. It can also provide coverage if a tenant sues you for something like discrimination or wrongful eviction.
- Loss of income: This provides coverage if your property becomes uninhabitable due to a covered loss, such as a fire. It can reimburse you for lost rental income and help cover the costs of finding a temporary place for your tenants to live.
- Legal expenses: This covers the costs of legal fees and court costs if you need to defend yourself against a lawsuit or take legal action against a tenant.
- Medical payments: This covers medical expenses for anyone who is injured on your property, regardless of whether or not you’re found to be legally responsible.
Why do I need it?
As a landlord, you’re responsible for the safety and well-being of your tenants while they’re living in your property. You’re also responsible for maintaining the property itself and ensuring that it’s in good condition. If something goes wrong and your property is damaged or someone is injured, you could be held liable.
Without Nevada landlord insurance, you could be on the hook for thousands of dollars in damages, legal fees, and medical expenses. This could put your investment property and your personal finances at risk.
How much does it cost?
The cost of Nevada landlord insurance depends on a variety of factors, including the location of your property, the type of property you own, and the coverage options you choose. However, landlord insurance is typically more expensive than homeowners insurance because it provides additional coverage for liability and loss of rental income.
At Western Pacific Insurance, we work with a variety of insurance carriers to find the best coverage options for our clients at a competitive price. Our knowledgeable agents help you customize a policy that fits your unique needs and budget.
Get Nevada landlord insurance with Western Pacific Insurance
As a landlord, you invest a lot of time, money, and effort into your investment property. Protect that investment with Nevada landlord insurance from Western Pacific Insurance. Our experienced agents can help you find the right coverage options to fit your needs and budget. Contact us today to get started.
