Even though you may not live in your rental properties, you still need to provide a safe environment for your tenants. While rental fees cover regular maintenance, you may face larger restoration costs after a fire or severe storm. Rental property insurance can help pay for those repair bills. Purchasing rental properties is a big investment. Like any business it is important to protect that investment from unforeseen events, so having rental property insurance can help you manage the risks involved with owning rental dwellings.
Landlord insurance policies vary based on the insurance company that’s providing the coverage. In general, though, the idea behind this insurance is to provide a range of coverage for owners of rental property. Do you Airbnb your property?
A typical landlord insurance policy might include coverage against property damage, liability against tenant lawsuits, medical expense coverage if someone is injured on your property and rental reimbursement in the event you can’t find paying tenants because of property damage. Some policies let you pay to add other forms of insurance protection. These could cover the contents of the unit if you’re renting out a furnished apartment, for example. Click here to review Coronavirus issues.
Landlord policies cover a number of things, usually including:
For more information, call us at 1-888-851-5572. If you would like to receive a fast and free quote, visit us on our webpage!
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