As a landlord in California, you know that owning rental property comes with a unique set of risks. From liability for accidents that happen on your property to physical damage to the home, there are many potential threats to your investment. That’s why it’s so important to have quality landlord insurance in place. In addition to helping protect your assets, this type of policy can give you peace of mind knowing that you’re prepared for what might come up.

First, let’s clear up a common misconception. Many rental property owners believe that homeowners’ insurance will cover their apartments and rental homes. That can be a costly and inaccurate assumption. Homeowners insurance, by definition, is designed to cover only owner-occupied residences – not homes or units occupied by a tenant.

Depending on the coverage you purchase, landlord insurance can offer protection from liability for accidents that occur on your rental property. Whether it’s a tenant slipping and falling or someone visiting the property getting injured, having the right coverage in place can help cover medical expenses and legal fees in the event of a lawsuit.

One of the most important coverages for rental property owners is coverage for wrongful eviction. This provides protection for you in the event a tenant names you in a lawsuit alleging improper eviction procedures were followed.

Additionally, landlord insurance can provide protection against damage such as vandalism, water damage, falling objects, and fire which are especially prevalent in California.

When it comes to choosing the right landlord insurance policy, it’s important to consider the specifics of your rental property and your own individual needs. Understanding how much coverage you need to rebuild your property in the event of a total loss is crucial. You should also consider any additional coverage options that may protect your property, rental income, and liability risks.

Getting the right policy and coverage is the most important step in the process. Asking questions and becoming an informed buyer will help you to understand the risks and coverage included under any policy.

Lisa Isom (CA license # OE94118), chief operating officer for the California Apartment Association’s Value Insurance Plan (CA license # OF71902), advises landlords to periodically contact their insurance broker and review their coverage.

“I recommend just an overall insurance checkup — prior to catastrophe happening — to make sure that you are insured properly and that all your insurance needs are met,” Isom said.

If you don’t have landlord insurance or have questions about the CAA Value Insurance program, give us a call at 866.913.6293 or visit caanet.org/products-services/insurance/ for more information.

CAA Value Insurance is a full-service, all-lines insurance brokerage agency, focused on property and casualty business with dedicated and experienced licensed brokers. CAA Value Insurance has expertise in establishing and developing insurance program portfolios on a local, state and national level.