A landlord is renting their property to someone else to live in or use. Having an investment property has its benefits, but it also comes with its risks as well. By having landlord insurance in place, you can safely rent your property to someone else and know that you will not be up for large costs if damage occurs. As much as we would like to assume all tenants will look after our properties as if they were their own, unfortunately it is not always the case. Some things that can be covered through your landlord insurance include:
- Damage: If damage occurs from your tenants mistreating your property you may be able to claim this on your insurance policy. This can include both internal and external damage. Holes in the walls, broken tiles and damaged kitchen doors are just a few of the things that you can have covered in your policy.
- Replacement of appliances: Things such as dishwashers and water heaters can be covered under your policy for if they become damaged or stop working. These appliances come with large upfront costs if you need to replace them quickly. By having an insurance policy in place means that you do not have to pay for the replacements from your own pocket.
- Natural disasters: Just like with your home insurance, you can take out cover that will help you if your investment property receives damage from natural disasters such as fire and flooding. Be sure to check your policy and the inclusions to ensure that all-natural disasters are covered or that you are aware of those that aren’t.
Landlord insurance is there to protect both you and your investment property. Without landlord’s insurance in place, you may be up for large costs if you need to repair or replace parts of the home. If your tenants leave your home in a damaged condition, you could be up for thousands of dollars to repair it. If you have insurance, a simple claim can make the process so much quicker and easier.