In simple words Landlords Property Insurance is a cover that protects the landlords in case they are prevented to use their own property or even prevented to earn money from them by giving it on rent. If there is a dispute between the tenant and the landlord, all the legal fees paid to defend the case will be taken care of by the insurance company if the landlord is insured; else he will have to pay all the expenses from his own pocket. In case if the property gets damaged because of some reason and it cannot be given out on rent for some time, then the insurance company will not only bear the repair cost but also compensate for the loss of rent for the time when the property was not inhabitable.
Some insurance companies limit the Landlords Insurance cover to just the damaging of the exterior or the interior of the property so it is always advisable to read the document carefully to see if it caters to all your needs, and then sign it.
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