Do You Want Landlord Protection Insurance?

If you are the owner of rental property you have to consider taking out landlord protection insurance. It is common for people that own rental property to have more than adequate building insurance. What is not common is the fact that many times landlords or building owners forget to include vital pieces of coverage. There are several aspects of your policy that you ,may want to make sure that you have taken into account.

 

For example you may wish to check what cover you have regarding your tenants. Frequently policies have clauses that prevent you from being covered from damages that have happened by your tenants. Always address these issues when considering insurance. This includes any of those accidental or malicious damages occurred by the tenant. Some normal things that happen when renting to others, such as damages to the interior of the unit, should be included in your policy. Tenants that damage walls, plumbing and appliances that are owned by you usually need to be included in your insurance.

 

You may also want to make sure that you are covered if a tenant takes or steals any items that belong to you. There is typically also the ability to obtain coverage if you lose any rental income due to having repairs completed. You might also wish to cover such as tenants defaulting on rent payments or tenants leaving without paying rent. You could want to make sure that the policy includes loss of rental income in case of fire or building repairs.

 

You might also wish to check the landlord protection insurance covers any legal liability. This will typically provide you protection in case of injury of a tenant or anyone else visiting the rental units. This will also cover those that are performing repairs, construction or other types of work for you. It may help to protect you in case you are sued or incurred any other costs due to an accident.

 

These are some important issues that you need to address when you begin looking for landlord protection insurance. Whether you are a new owner or are looking to update your protection, you need to make sure that all of your needs are fully addressed. Protecting the income from renting is essential along with covering assets. Taking into consideration some of these additional options will give you the peace of mind knowing that you are fully insured.

This entry was posted on Thursday, May 27th, 2010 at 7:08 am and is filed under Home Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.