Most of the time, novice landlords are confident that their homeowner's insurance will cover all the costs needed for the residential properties that they rented out. Unfortunately, this is a common mistake. Most of the time, these kinds of policies only cover owner-occupied homes. Which is why landlord insurance is crucial.
You’ll know that a landlord insurance policy is excellent and comprehensive when it has these three critical provisions:
Here is some additional coverage that may come with the various policies for landlord insurance. Although they’re not as essential as the provisions above, they can still be of use that will also leave you more money in your savings account.
In some instances where a lodger suddenly calls you for an emergency fix, and you lack the funds to do so, you can gain help from this coverage. The costs needed to repair the broken dishwasher or leaking toilet are all covered.
Always remember to check the homeowner’s insurance policy before you decide to rent a property. As you rent a home, having the appropriate landlord insurance is a way of protecting and safeguarding it as well.
At Mauser & Tobin Co., Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 747-0171. Get your free quote today by CLICKING HERE.