Did you know that you could get landlord insurance? In fact, unless you can afford the worst possible thing to go wrong, it really would be a good idea.
What is Landlord Insurance?
Landlord insurance is similar to homeowners insurance, but it covers the owner for any liability created by the liability created by a tenant living there. It also can cover you when the property is vacant.
What does Landlord Insurance cover?
Each policy is different, but standard coverage often includes fire, theft, vandalism, storm, earthquake (be careful here), oil/water seepage, lightning, and flood.
It is possible to purchase extra coverage, including rent guarantee and contents insurance. Of course, the more coverage you have, the more it will cost you to maintaining it.
An Important Tip: Don’t Put off Repairs
Sometimes, landlords will get landlord insurance coverage and decide that they won’t have to do as much maintenance. Insurance companies are well aware of this. Often, they will inspect your property before insuring you. If you have a partial claim, they can still see how well you took care of your property before your claim. A lot of times, they can tell even when your entire property is destroyed. If not, they will look at your other properties to give them an indication of how well you took care of it.
Talk to an insurance agent to get a better idea of the best coverage for you. Like anything else, it is always a good idea to shop at several places to make sure you are getting a fair deal.
Tags: contents insurance, fair deal, fire theft, homeowners insurance, insurance agent, landlord insurance landlord, maintenance insurance, oil water, section 8 landlords, water seepage