Renting Out Your Property? Get These Landlord Rental Insurance Tips FirstPosted: August 4, 2016
Here are some of the requirements to consider:
Cover loss for reconstruction limits.
Make sure you insure your home for the total cost to rebuild. If there were a hurricane, fire or other devastation to your property you want to be sure your policy will pay for it and not out of your pocket. The same is true for separate structures that may be on your property such as a detached garage. Be sure to ask about the inclusion of Flood or Earthquake coverage for your policy.
This is one of the top priorities to consider when renting. One if the home is in great condition it is more attractive to rent out. Two, keeping your home up to date and safe can help you to avoid a lawsuit from your tenant or a guest in case something should occur. Having landlord insurance will help keep you covered in such an event.
Follow that Building Code!
In case of a loss to your property and repairs are needed, have an inspection to be sure your building code is up to date. Your policy will not cover your costs unless specifically stated that way in the policy, these are considered mandatory upgrades.
Loss of Rent
If something should happen to your home that makes it uninhabitable and will take time for repairs, you will lose your tenets and rent check for that time. Getting this on your coverage will protect you and keep you going until the home can be rented out safely.
Coverage of landlords items on or in the property.
While tenets should get Renters Insurance to cover their personal belongings, a landlord should also have coverage for whatever belongs to landlord, such as the refrigerator, stove etc. Ask about this coverage since it is separate from the structure coverage. As a landlord your are not responsible for your tenants personal items.
Legalities and Lawsuits
Your landlord insurance policy is designed to cover legal issues between you and your tenants, property and fees for judgments for lawsuits over libel, slander, discrimination, unlawful eviction, invasion of privacy and more.
If you are considering renting out your property make sure you have the right coverage.