Monday, 2 January 2017

Know about your rights: Landlord Insurance

Most of the tenants are well behaved and are perfectly reliable. But there is always an inherent risk from the tenants to the landlord. There are many evident cases where tenants are seen leaving without paying their dues and even damage the property for no reason at all. All such types of issues lead to the development of some bizarre problems for the landlords.

This is where the landlord insurance comes into play. The landlord insurance in designed for the protection of your investment against the risks of renting your home to the tenants. Another great way of protecting your home against such issues is to hire some real estate agent. The real estate agent or the property manager are capable of foreseeing such issues and can monitor your tenants and then can communicate with them for you if any of such scenarios happens.

Make sure not to confuse the landlord insurance with the ‘property insurance’. The property insurance is solely meant to cover the damages that occur to the building itself. These damages that are covered by the ‘property insurance’ maybe caused due to namely, flooding, fire, earthquake, and other natural disasters only.

There are some insurances plans made for the landlord namely, home and contents insurance. Home insurance makes sure to cover all the damages that occur because of the natural disasters alongside the damages that have been made by the tenants also. Although such types of insurances are often good if you want to get the damaged items replaced, it doesn’t take care of you during the process of the repair or the replacement. So choose wisely!

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