Landlord insurance is insurance coverage for people who earn their income from renting property to tenants. This coverage is appropriate for the landlord who rents out a single room to those managing several properties. This type of policy can include third-party liability in case a tenant destroys property or damages a building’s structure.
Sometimes tenants will leave bulky items behind when they vacate the building. It’s important that a policy includes coverage for the cost of removing these items. Content insurance is similar, and it handles the cost of damage or loss of items that belong to the landlord. It’s also a good idea to have liability coverage in case a tenant or guest is injured on the property and makes a claim against you. Other types of coverage include rental guarantee, for when tenants are unable to pay their rent.
It’s smart business sense for a landlord to have this coverage. If you’re a landlord, then you make money from rent. What happens if you lose your property? What happens if your property is damaged? Without insurance you will have no financial assistance to recover from the setback. With insurance you are guaranteed to receive assistance when a covered event occurs.