Protect Your Rental Property with Landlord Insurance
Do you own rental property? It could be a home, apartment, or condo. If you’re a landlord, having landlord insurance is a good way to protect your rental property. You never know what can happen when you’re dealing with several tenants. And there’s also the risk of natural disasters that are beyond anyone’s control.
Liability is of Major Importance
Landlord insurance includes liability coverage. This will protect you and your assets should you face a liability lawsuit. And the more tenants you have, the higher the risk of facing a lawsuit.
With dozens of people coming in and out of a building on a daily basis, the possibility of an accident is high. And if you’re found liable for a person’s injuries, then you might have to pay their medical bills, lost wages, and more. With landlord insurance, your insurer will help you with the expense.
Compensation for Landlord Property
As a landlord, you might decide to provide certain items for tenants. Your building might include furniture, televisions, and other items for tenant use. Personal contents coverage is for items that you place on the property. Your insurer will provide compensation if any of your items are damaged, stolen, or destroyed.
Coverage for Loss of Rent
Lost rent means lost income. But landlord insurance gives you the option for loss of rent coverage. If you’re unable to rent your property because of a covered event, then your insurer will compensate you for a portion of the lost rent.
Legal expense coverage is an option that covers legal expenses associated with eviction. And if a legal dispute arises between you and a tenant, legal expense coverage will help pay the related costs.
Landlord Insurance Protects You and Your Assets
Insuring your rental property is highly recommended. Landlord insurance is a simple way to protect yourself and your assets should a lawsuit arise. It also protects you in the event that some other covered mishap befalls your rental property.