Protect Your Rental Property with Landlord Insurance
Rental property presents a huge set of responsibilities, including dealing with tenants. Landlord insurance is for financial protection when events beyond your control occur. Property of any size is a valuable asset that you want to protect. Rental property is an investment and a source of income, so losing it can be devastating. Insurance is a smart decision.
Don’t assume landlord insurance is unimportant. Insurance to cover the building is a start, but it’s not enough. Certain situations may not be covered. For instance, damage that occurs due to your tenants should be covered.
Tenants can destroy property. You trust them to take care of their space, but it is not their property and sometimes they just don’t care. They can damage ceilings, walls, floors, and more without a second thought. Landlord insurance will cover some of these occurrences and help you repair the property.
Landlord insurance helps when you have to make repairs and the property is uninhabitable. The insurance compensates for income loss and repairs, whether a tenant has damaged it or another event occurred. Buying new furnishings may be included if necessary.
There are numerous payment options, and an insurance agent will be able to find the right type of insurance for your needs.