Experienced landlords are acutely aware of the importance of landlord insurance–particularly those who suffered losses in the past. Newbie property owners in their early ventures into renting homes or condos to others may still be unconvinced of the absolute need for this coverage. Save yourself from an expensive reality check.
Regardless of the assets or wealth of your renters, you must protect yourself with adequate landlord insurance. Your tenants, regardless of the health of their cash balances, only need to insure their personal property when renting. The responsibility to protect the home/condo and the safety of visitors sits directly in the landlord’s lap.
Here is a simple, yet all-to-common example to illustrate the dangers landlord’s face. Your tenants invite a few people over for dinner and to watch a ball game. It rains, sleets or snows before they arrive. As they walk up to the home or condo, one of the guests slips, falls and breaks an important part of their body. Guess who is typically liable for medical costs, loss of income and psychological trauma? You, as the owner of the real estate.
Similar events are actually more common than the other hazards (fire, lightening, water, wind damage, etc.) that you should always protect against. Unfortunately, liability awards can sometimes vastly exceed the claim payments for serious physical damage to your home or condo.
Protect your assets. Shop for the best coverage and prices from an independent agent with an interactive website that allows you to get multiple quotes from different insurance companies. You–and your bank balance–will be very happy you took the short time to get multiple landlord insurance quotes from a trusted independent agent.