If you are renting out your home, has anyone talked to you about landlord insurance? A lot of people mistakenly believe that property insurance is enough coverage when they rent their home out, but it is not. Whether it is a condo, a single-family home or a duplex, if you have tenants you need protection.
Modern times call for modern insurance solutions. Deciding on insurance is one of the most critical decisions that you can make. It is important that you have an expert on your side to help you make the right insurance decisions like whether you need landlord coverage or not.
What is Landlord Insurance?
When you hear about real estate insurance if you are like most people property protection comes to mind, but it may not be enough if you are renting out your property. For example, if you leave a lawnmower at the property for the tenant to use to keep up on the yard work and there is an injury you may not be covered under your homeowner’s insurance.
If a tenant is injured on the property and you do not have the right insurance coverage you could be facing a great deal of expense paying off the punitive damages if any are awarded. This type of insurance is the policy that bridges the gap between your property insurance and liability.
The right policy will cover the dwelling, any unattached structures and any property like lawnmowers, garden equipment, snowblowers and other equipment that is on the property. The best thing about this type of policy is that it covers you for liability.
No matter how good your tenant it, there is always the risk of liability should there be an injury. A landlord policy will cover you so that you do not have to absorb the cost yourself. Think of this policy as an added layer of protection that delivers peace of mind.
Is It Worth the Cost?
Like all insurance products the value of the policy is realized when something happens that is covered. If you are lucky you may never have to file a claim, but life does happen, and the cost can be prohibitive at times. It is always better to be safe than to be sorry. Landlord insurance may be the added security that you need.