Insurance for Rental Property

Being a landlord entails a number of dangers. There is available special insurance that can protect you against the risks of owning the property for rent. When insuring your rental property, you need to check if your current homeowner’s policy actually covers rental properties. There are a number of companies that expand coverage to two rental units. Work with a capable insurance broker in case your own homeowner’s policy covers inadequately your rental property. Include special coverage for all the appliances in your rental home so that if the child of your tenant steps on the door of the dishwasher to reach a cookie container, you are covered.

If the property for rent is furnished, see to it that all the contents are covered by your policy. In the event of loss, your rental income should be protected. Keep in mind that it takes time to recover from any loss. In case your tenants need to leave the property, your income source departs with them. All your valuables, as well as yourself, should be protected against litigious renters with sufficient liability coverage. Consider the liability of employer for covering claims that are filed by anybody you hire as a worker in your property, such as landscaper, painter or handyman.