Landlord Insurance Protects Rental Property
If you own property that you rent to tenants, then you need landlord insurance. The coverage provides landlords with protection against various risks. And if you own a home or apartment building and you plan to rent space, then landlord coverage is recommended.
How it Works
First, it’s important to know that you can convert your residence into a rental property. And if you do, then you’ll have to switch your existing home policy into a rental policy. This is because landlord policies cover risks that are specific to rental properties. For example, the landlord policy can cover income loss and damage resulting from a hazard. And if something forces your tenants to move, then the policy will cover the lost rental income.
Landlord insurance is generally cheaper than homeowners insurance. You are also guaranteed income after damage or loss. But check to make sure your policy has this option. Liability is also included in coverage as well. This means you’ll get help with legal expenses should someone sue you concerning an event that occurred on the property.
Adequate insurance coverage is a smart investment for any landlord. You can protect your property and secure your rental building against certain risks.