Whether it is a single apartment or multiple rented homes, for landlords, your properties are not just assets, they are also an important source of your income. That is why it is only right to safeguard your properties with the right insurance. But you cannot just buy a standard homeowners insurance policy, you need to ensure that you are covered correctly and have a proper landlord’s insurance policy.
Landlords are exposed to additional risks. After all, who is going to care for your property as well as you, the owner would? Tenant occupied homes require a different type of insurance to meet your needs.
Benefits of having landlord’s insurance coverage
Depending on the kind of coverage you have, here are some of the financial benefits of having a landlord’s insurance plan:
Your insurance will cover repair costs of repairs for accidental damages that may happen to your property, whether intended by your tenant or not.
Insurance is available to help you recover lost rents in the event that your property is damaged and cannot be rented while repairs are being made.
Your insurance may provide liability insurance to cover injuries, damages and costly lawsuits in the event you are liable for injuries sustained at your property.
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