Being a landlord is not as easy as simply renting a building. Laws need to be followed, advertising and maintenance fees paid and renters found. Landlord insurance is something that every landlord needs before ever renting a property.
Landlord insurance is a type of insurance designed specifically for those who rent property. It protects the landlord from financial losses. This type of insurance covers the landlord’s buildings with the option of covering anything that belongs to the landlord still inside, such as furniture or appliances.
There are two types of landlord insurance to choose from. Buy-to-let insurance covers a property that has been bought in order to be rented. If a landlord owns and rents more than one property, then multi-property insurance is an option. This policy protects all of the landlord’s properties.
There are major benefits to having this kind of insurance. Policies will cover events such as fires, floods, storms and earthquakes. Shifting foundations and water damage from leaks are also covered. The policies even cover intentional damages and thefts.
Optional coverage is available as well. Optional coverage can:
A good insurance policy can save a landlord from ruin and make sure they are able to stay in business.