Before you get started, you will want to walk through your rental property with an agent to discuss insurance needs and improvements that can help lower landlord insurance costs. Some of the coverage that a landlord insurance policy needs to cover include:
Accidents and Liabilities—Maintenance problems, fires, and other potential accidents should be a priority when shopping with an independent agent for landlord insurance.
Natural Disaster—Natural disasters can cause a lot of damage to property, and you want to make sure your policy covers these problems. If your landlord insurance does not cover things like flooding, you may want to talk to your agent about getting an additional flood insurance policy to cover these potential risks.
Tenant Problems—One of the major problems that landlords have to deal with is tenants causing damage or leaving the property in a poor state. Therefore, you want to make sure that your policy covers these problems, or talk to your agent about options for an additional policy to cover tenant damage and your landlord insurance needs.
Sometimes, conventional landlord insurance policies do not cover all the problems you may encounter as a landlord. Therefore, you may want to add additional policies to ensure you are covered when you have a problem.
Getting the Extra Property Insurance Coverage, You Need To Cover Unforeseen Costs
When you are new to real estate investments and renting property, it can be difficult to navigate insurance companies and types of policies. One thing that you can be pretty sure about is that there is going to be the need to add additional coverage to cover any problems that are not covered by your conventional property insurance policies. There are options for insurance policies that provide you with more coverage, which can include:
Detached structures and outdoor hardscaping: Additional coverage for detached structures and landscaping
Renter and personal property coverage: Insurance coverage for personal or business property used for onsite maintenance
Flood insurance for at-risk areas: Flood coverage for at-risk areas that are not covered with most insurance policies
Theft insurance policies for rental property: Coverage for theft, burglary, and vandalism
Now, you have an understanding of the different options for coverage of landlord insurance, and you are ready to access your property. Contact a homeowners insurance agent, and talk to them about assessing your property and helping you find the insurance coverage you need. Your insurance agent will help you get the property insurance you need, as well as any other coverage and policies needed for rental property investments.
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