Be Informed on Landlord Insurance
Good landlord insurance will give a myriad of financial protections for those who rent out their property to tenants. It protects any physical property, the actual dwellings, and any appliances or equipment owned by the landlord that lives on the property.
The coverage can fully safeguard rented condos, rental homes, or apartment dwellings from damage caused by tenants, weather, fire and other losses. The insurance also extend protection for related damages that occur to outside buildings such as garages, fences, and storage structures. This kind of a policy can also cover theft, vandalism and/or damage to a landlord’s personal equipment, like snow blowers and weed-whackers, lawnmowers, and other equipment that is utilized to maintain the owner’s property.
This coverage is important for landlords in that it avoids one from dealing with a third-party insurance provider that is used by his or her renters. The most important plus is that it protects the landlord financially and this means the avoidance of many a heartache and headache as one attempts to receive a return on their hard-won property investments. This insurance coverage can also provide accident insurance coverage, which is invaluable protection from any financial hits due to interruption in rental interruption. This important coverage also extends liability protection to the landlord should any tenant visitors get hurt while on the property and then sue.
There are several kinds of insurance that can really help landlords stay financially protected, including building and content coverage, portfolio and home emergency coverage, and rental and legal expense coverage:
Building Coverage- Speak with your mortgage lender as this kind of coverage is not only potentially helpful but mandated.
Content Coverage- This is optional coverage that protects any landlord-owned property used by tenants.
Portfolio Insurance- This coverage protects landlords who own five or more properties within a single plan.
Home Emergency Coverage- Landlords can benefit from this optional add-on to their existing building insurance.
Rent Guarantee and Legal Expense Coverage- This is optional coverage that can work as a standalone policy that protects landlords from such things as loss of rental income and more.
The liability component of good landlord insurance can go a long way in helping to pay any medical bills of individuals injured on the premises. Should it be determined that a structural component was not properly maintained by the landlord, very costly lawsuits can ensue and this is what stands between business as usual and potential financial ruin.
Purchasing this invaluable protection is really a “no-brainer” for most landlords as it protects them and their tenants.