Landlord Insurance: Things to Consider

In a rental property, your investments are always at risk of being damaged. To address this, investors buy landlord insurance to cover risks and potential damage.

You may ask around or you might want to consult with professionals who can give landlord insurance advice. Here are some of the things that you might want to consider before you get landlord insurance:

Homeowner’s insurance is the insurance you get for a single-family home where you live.

Most insurers would require that the property should be your primary residence. It covers the physical structure, your personal belongings inside, as well as liability coverage if someone gets hurt on your property.

Landlord insurance also covers the building itself, and other physical structures on the property like sheds, separate garages, or fences.

The main difference between the two is that you can get homeowner’s insurance only if you’re going to live in the property as your primary residence.

If you’re going to rent out a substantial portion or the entirety of the property, most insurance companies won’t cover you with just a homeowner’s policy. You’re going to have to get landlord insurance to maintain your coverage.

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