Get Property Insurance That Protects You
When it comes to real estate investments, minimal insurance coverage is a major gamble. Insurance is not a place to cut corners. When you live in a home you own yourself, you are the one in control of your choices and actions. This is not the case with tenants.
Recognizing this, insurance companies have devised a unique product known as landlord insurance. Some companies call it by different names, with “investment property insurance” ranking as a common alternative.
Landlord insurance offers more complete and targeted protection than default, standard property policies. Depending on the provider and the terms and conditions of the plan, landlord insurance may cover:
- Accidental damage to the buildings and its valuable contents.
- Emergency repairs for situations like gas leaks, plumbing-related flooding, and pest infestations.
- The loss of legally due rent.
- Compensation for on-site injuries suffered by tenants.
- Liability coverage for visitors and other members of the public.
- Coverage for the primary dwelling and any other outbuildings on the property.
Shop around for the most competitive quotes. Also, remember: as with all other forms of insurance, you can adjust your premium costs by tinkering with limits and deductibles. Just avoid exposing yourself to undue financial risk.