Habitational

Habitational insurance is a type of insurance coverage specifically designed for properties that are used for residential purposes, like apartment buildings, condominiums, and rental homes. It protects property owners or landlords against losses related to the property, such as damage to the building, loss of rental income, and liability claims from tenants or visitors.

This insurance typically covers:

• Property Damage: Loss or damage to the building and any related structures due to risks like fire, storm, or vandalism.
• Liability: Legal costs and damages if someone is injured on the property or if there is property damage caused by the landlord’s negligence.
• Loss of Rental Income: Compensation for lost rental income if the property becomes uninhabitable due to a covered event.
• Property Management: Coverage for costs associated with managing the property, including legal fees related to disputes with tenants.

It’s a vital policy for landlords to protect their investment and ensure they are covered for various risks associated with renting out a property.