Congratulations on finding a new tenant, he is all nice and will pay your rent on time. So now you think there is nothing to worry or bother about, apart from paying your taxes and homeowners insurance on time. Well let us inform you, that just by renting out your property to a trusted tenant who has come to you through a trusted source is just not ENOUGH, you need to secure that rented space as well, do this by getting landlords insurance today.
You wouldn't purposely damage the space you are living in, however, can you say the same for the tenants who live in your property? They wouldn't care for the rented space as much, if you do have a tenant who does care for the home as you would, then you are very lucky. But we would still suggest you get landlords insurance done today.
You shouldn't have to worry about the high costs of premiums that need to be paid for insurance, especially when the coverage extent with such an insurance package is any day or any time more than what a homeowners insurance package would and could give you. Now we shall tell you why it is so important to have landlords insurance done for your rented out space, so please read on and be well informed for the same.
What about the damages done through fire, floods, plumbing disasters, from the tenants end. Would you be able to fork out the moolah to re do everything and make the rented space look pretty once again? Well if you have the cash why not invest it in something else and allow landlords insurance to take care of it all. In the event of vandalism, theft, accidental damages done by the tenants, what would you do? Apart from calling the cops and making a legal battle emerge, you need help to fix things up. This is why it is so important that you as a landlord, should have insurance.
Are you worried that apart from the homeowners insurance you pay for the property you own, now you would have to pay extra for landlords insurance as well? Yes, we agree it is a little extra but not a huge amount. If you check online these days, one would have a plethora of competitive rates for insurance to choose from.
Will your contents be safe within the rented property your tenants occupy and would you be able to get a reimbursement for the electric appliances or even the plumbing system through landlords insurance? The answer would be yes, if you have landlords content insurance, so please check with the reliable insurance company you want to work with before signing on the dotted lines, most landlord insurance packages of the base types DO NOT provide for content coverage.
We hope this article on landlords insurance provides a gist as to why it is so important to get your rented out space covered and protected.
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