If you’re a landlord, finding the right insurance is just as important as selecting the right tenants is. When it comes to insurance, you probably have a number of questions, which is why we are providing this information here.
There are some other things a landlord insurance policy might cover, including:
Coverage can be purchased for only one unit, or multiple ones can also be included in the same policy. When buying a multi-unit policy, be sure to read it over carefully so you will know exactly what type of coverage is provided for each property.
Several things will play a part in how much this insurance costs, including:
Insurance companies will also look at the features of your property when determining how much to charge. You could pay more if your units have a swimming pool, hot tub, or children’s play equipment, since the likelihood of someone becoming injured would be much greater. If you allow pets or smokers, your policy also might cost more. There could be a discount for having certain safety features such as fire sprinklers, burglar alarms or security gates.
The right landlord insurance will protect you and your property in a number of situations. By renting your property to another, you are assuming a great deal of risk, and being responsible for the damages that might occur could be devastating without the right coverage. Protect yourself and your investment today by talking with an insurance agent, who will help you choose the right coverage for your property.