Landlord Insurance Benefits
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Guide on Landlord Insurance Benefits
Owning a house comes with risks, and having some support to cover yourself in case of accidents, is simply reasonable.
Insurance takes care of problems so you don’t have to.
The origins of the word itself guarantee that: the root of the word comes from the Latin word “securus” meaning “free from care”.
Being free from care sounds like a good deal.
Not just a home insurance
Before we dive in the pool of landlord insurance benefits, there’s a few points I’d like to make clear.
Home insurance basically comes automatically when you buy a house for yourself, but when it comes to renting a property, many landlords think getting a more specific insurance is not essential, many assume the home insurance will work just fine and they can save some money.
That is a big mistake.
The difference
- Home insurance generally covers a homeowner and everything in the property, but, unless prior discussed and approved by the insurance itself, it will not cover the same things if the property is rented out.
- The general terms of a landlord insurance are to cover any loss or damage connected to a rental property, while the home insurance won’t.
- Therefore, even something which is covered by home insurance, for example a flood, will not be covered if it is in a rental property, because the flood is connected to the rental property, even though it has nothing to do with the fact that it is rented.
Landlord insurance benefits
Let’s clarify that it is not illegal to rent a property without having landlord insurance, but it is a huge risk that definitely doesn’t pay out enough to justify the money saved at first.
Accidents will happen, it’s almost certain, and the benefits of having landlord insurance reach way over simple money.
Peace of mind
Just reading this phrase makes me calm.
Stress is a constant in today’s world, especially when it is connected to money. Why add more?
I repeat, landlord insurance takes care of things so you don’t have to.
You can focus on your life, instead of worrying so much about your property and the possible catastrophic things that could happen to it.
I care, you care, they… don’t
Don’t assume your tenants will care for your property the way you would.
Checks and interviews before accepting a tenant are useful, but people usually behave properly, until they don’t have to.
Landlord insurance will cover damages to the property and your possessions in the building caused by accidental and unintentional incidents, but also those caused by possibly careless tenants.
Custom options
Just because you decide to get a landlord insurance, doesn’t mean that you are now doomed to spend a fortune on it.
Landlord insurance is still very versatile: the main parts are building, contents and liability and each one of them can be tuned to your needs.
As usual, a little research takes you a long way.
There are many websites to compare insurances and it will be easy to find the right one for you if you use the three judging tools: energy, time, money.
Better relationship with the tenants
This benefit might seem superfluous, but if you care about people then it is an important one.
- Peace of mind generally also brings better relations with the external world, and not having to constantly check on your tenants or set new and annoying rules, (which usually don’t work anyway).
- To prevent anything from happening, can have a positive effect on the relationship you might have with your tenants. Better relation, longer relation.
That’s definitely a plus.
Get the landlord insurance benefits you would ever need, with a smart quote.
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