The U.S has more than 11 million landlords, and a new rental unit becomes available every 80 seconds, according to statistics. As the number of rental units increases, your responsibilities as a rental property owner grow as well.
Aside from finding good tenants, the property’s maintenance and upkeep are your responsibilities as well. However, no matter how careful you are, there are unavoidable circumstances that could damage your rental property, such as vandalism or storm. To keep you away from these problems and to protect the area, consider getting landlord insurance.
What You Need to Know about Landlord Insurance
Landlord insurance will protect you financially once your rental property becomes damaged and unsafe to live after some unfortunate events like a storm, fire, etc. Typical homeowners insurance has limited coverage for rental properties, so it is essential to have a separate landlord policy.
Landlord Insurance Coverage
What Things are Not Covered by Landlord Insurance?
Tenant’s belongings are not covered by landlord insurance. Let’s say the tenant’s antique collection, furniture, or fire are lost due to a fire; it will not be covered by landlord insurance. It is advisable to tell your tenants to acquire renters insurance that would cover their belongings. Repairs are also not covered in landlord insurance. So, if a dishwasher or a furnace brake, it would be your responsibility.
The safest way to protect your investment is to buy landlord insurance. It is not easy to own a rental property but buying rental property coverage is an easy decision that you can make as a landlord.
At Mauser & Tobin Co., Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (516) 747-0171 or Click Here to request a free quote.