When you first signed your lease, did you consider the risks of renting out your house to strangers? If not, it’s important to learn how rental insurance can help protect both you and your tenants.
What does Landlord Insurance do?
Landlord insurance protects three key players in the rental process:
You, the owner of the property
Your renters, who may have just moved into your place or might be living there temporarily while relocating to a new city for work. This type of insurance is also known as “tenant insurance.”
The property itself, which often contains the renter’s personal belongings. This is why some policies cover high-value items like jewellery and artwork under “personal property coverage.”
What are the benefits of Landlord Insurance?
Landlord insurance provides financial protection in case a fire or other disaster causes damage to the house you’re renting out. It also covers legal expenses if you have to take a tenant to court because they haven’t paid rent or damaged the property. Basic landlord insurance will even help pay for your own expenses if you’re unable to live in your house due to repairs required after a bad incident.
To learn more about how Landlord insurance can help protect your rental investment, click the button below and talk with one of our agents today!
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