Landlord insurance typically does not cover costs incurred in a squatter situation. However, Proper Insurance has created a unique type of coverage specifically designed to protect property owners in situations where a renter refuses to leave the property once their lease has ended, stemming from the COVID pandemic. When someone decides to rent out their property, they need insurance apart from homeowners insurance, as landlord insurance covers property damage, lost rental income, and liability protection.
Security measures, technology, and other devices can be utilized to defend a home from squatters. Landlord insurance typically offers coverage options such as flood insurance, emergency coverage, guaranteed income insurance, and additional construction expenses. However, squatter coverage is not usually included in traditional landlord insurance policies. Squatter situations can lead to significant expenses for property owners, including property damage. Proper Insurance’s squatter coverage includes protection for legal expenses, loss of revenue, and property damage caused by squatters.
Hiring a specialized lawyer can help property owners effectively remove squatters from their property. Proper Insurance’s coverage for squatters is unique and designed for those renting out on a short- and mid-term basis. This coverage was created during the COVID pandemic, when vacations were halted and homeowners allowed longer stays in their rental units. As short-term rentals were shut down across the country, individuals began opting for longer-term arrangements, leading to concerns about renters refusing to leave. Proper Insurance responded to these concerns by introducing squatter protection coverage.
Squatter protection is an additional premium that can be used in situations where a renter refuses to leave the property after the lease has ended. This coverage provides flexibility and peace of mind for property owners offering longer-term stays to tenants. The COVID pandemic also gave rise to a new industry called mid-term rentals, catering primarily to traveling nurses and medical professionals. Homeowners providing mid-term rentals may face squatter situations if tenants remain in the property for a certain period of time, according to state laws. Proper Insurance offers an additional layer of protection in the event of a squatter situation for these homeowners.
In conclusion, Proper Insurance’s squatter coverage fills a gap in traditional landlord insurance policies by offering protection for property owners facing squatter situations. This coverage addresses the unique challenges that arise when renters refuse to vacate the property, providing legal expense coverage, loss of revenue protection, and property damage coverage caused by squatters. Utilizing security measures, technology, and legal support can help property owners effectively remove squatters from their property and defend against potential losses. Overall, having the right insurance coverage in place is essential for landlords to safeguard their investments and properties from unforeseen circumstances such as squatter situations.
