Customer Friendly Landlord Insurance Coverage
Taking on an investment property can result in terrific, turn-key investment over the years and is also a method for providing cash flow. When one does purchase an investment property, there is a myriad of critical decisions that you, as a landlord, will have to attend to. One is choosing the right kind of coverage that meets your needs. For landlords, carrying a proper landlord insurance policy can mean the difference between financial abundance or insolvency. Remember that homeowner’s insurance does not provide coverage from damage that occurs to a rental property, nor will it extend financial compensation for personal liability claims.
The most critical kind of coverage that a landlord can acquire is the kind designed to financially protect his or her property. As a property owner, you will face a wide range of situations that could result in damage or other kinds of loss. Fire or sever storm damage, vandalism and theft are included as possible losses. When you have proper coverage in place that protects landlords, you will have the peace of mind necessary in knowing that you are protected if your property is damaged or lost.
In owning a rental property, it can be very profitable and beneficial; however you should be sure to carry good liability coverage in your landlord insurance plan. As a landlord, you will be assuming liability for any tenants who reside on your property. There is a myriad of inherent risks in assuming such a high amount of liability; in having a good landlord insurance policy, it can lead to a less stressful and more comfortable financial situation. This protection can provide you the protection you deserve if a tenant or visitor to the property is injured.
Other Kinds of Coverage
As a landlord you will be faced with a myriad of other potential costs. Should your property be damaged, it may be legally mandated that you renovate or upgrade your property to meet the city’s codes and regulations. Of course, in making upgrades you can spend an enormous sum. Depending on the kind of coverage that you carry, often one is availed the ability to buy supplemental landlord coverage that will give you the financial protection you need to get the renovating or upgrading done to meet all the various local and state codes and ordinances.
Good landlord coverage can safeguard you from financial loss due to:
• Vandalism & Theft
• Damage Caused by a Tenant
• Damage from Server Weather
• Fire & Some cases of Flooding
• Income Replacement & Guarantee of Rental Income
• Damage or Destruction Due to Natural Events
• Employer Liability
• Landlord Personal Item Protection
• And more!