What You Need to Know About Rental Property Insurance
Rental property insurance can also be referred to as landlord insurance. If you are a landlord, then you should consider taking out this cover as it covers all the risks taken when one rents out their condo or property. Rental property insurance covers a lot of things, some of them being the potential loss of rental income, liability costs, and property damage. You need rental property insurance regardless of whether you are renting out a condo, a vacation home, investment property, or any kind of rental property. There are risks associated with having tenants, which is why safeguarding yourself against them by taking out a rental property insurance cover is vital. In this article, we will be looking at what you need to know about this kind of insurance.
You need to know that the degree of coverage of rental property insurance varies from one agency to the other. Some things, however, remain constant among most of them. Some of the basic things you should expect to be covered from are loss of rental income, damage to the structure of your property and your belongings, and liability costs. Though there are similarities between rental property insurance and homeowners insurance, it is important to note that the two are not the same. Rental property insurance accounts for the added risk of having tenants in your property.
Just like homeowners insurance, rental property insurance covers the physical damage to your property. With a dwelling coverage, repairs to your property’s walls, floors, and roof will be covered, but your tenants’ belongings will not be. It is important to note that your cover will only extend to the risks you have coverage from, and as such, you need to ask about them. For example, you will only be paid if you take out a cover that covers the risk of fire and your property is damaged by fire.
It is important to note that rental property insurance will not cover tenant property but will cover all items belonging to the landlord that are on the property. For example, you have the right to claim payment for tools left on the property and damaged by the insured against risk. Ensure that you ask if your insurer gives this kind of coverage, and to what extent they do so.
Most rental property insurance covers also have liability coverage. Liability coverage protects you from the medical and legal costs incurred from your tenant or any other person being injured while on your land. If you are a landlord, protect yourself by getting rental property insurance.
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