If you’re a landlord who isn’t covered by landlord insurance, then you’re taking a huge risk. When you rent out your properties, you’re trusting that the tenants will fulfil all of the responsibilities that they agreed to in the contract; unfortunately, that doesn’t always happen. Landlord insurance covers the landlord and his or her properties in the event that something major happens. If you’re unsure whether or not you need landlord insurance, keep reading to find out exactly how it protects you.
As a landlord, you have to understand that accidents sometimes happen. People slip and fall on an everyday basis and sometimes they get seriously injured. Having landlord insurance will protect you just in case one of your tenants decides to file a claim against you. Not only will it cover his or her medical expenses but it will also cover his or her personal property in the event that you were to blame for damage caused to it.
Sadly, there are a lot of people in this world who have no problem destroying other people’s property, especially when it comes to property they’re renting. QTrust will help you find landlord insurance that will cover you in the event that a tenant or a vandal damages your property. Landlord insurance will also protect you against fire or storm damage as well as theft.
Loss of Income
Major accidents, such as a fire or a destructive storm, can absolutely destroy your property. If this happens and your rentals become uninhabitable, then your landlord insurance will compensate for your loss of income. You never know when a fire could burn down your entire building and your income with it so make sure that you are covered at all times.
There are other things that you could have coverage for when you have landlord insurance. If you’re in need of the following types of coverage, make sure to contact an insurance company immediately:
- Natural disaster coverage
- Rent guarantee insurance
- Landlord’s contents insurance
- Employer liability insurance
How Much Does it Cost?
There isn’t a definitive answer to this question. There are a number of factors that play into how much you would have to pay for landlord insurance. These factors include, but are not limited to:
- The size of your building
- Where you are geographically located
- The age of the building
- And the condition of the building
Being a landlord means that you have a lot of weight sitting on your shoulders. Not only do you have to look out for yourself in the case of an emergency but you need to look out for your tenants as well. Protect yourself, your income, and your properties by purchasing landlord insurance as soon as possible!