Owning an investment property can be an excellent option. When you are a property owner, you are going to receive a lot of benefits that can include long-term price appreciation, near-term cash flow, and other benefits. While there are a lot of advantages that come with owning a rental property here, there are some risks as well. One way that you can mitigate some risks that come with owning investment real estate is by getting a landlord insurance policy. Several benefits come with this insurance coverage.
One of the benefits of landlord insurance is that it can help you to repair your property. If you have tenants in your home, there is always a chance that damage could occur that could be very expensive to fix. While you may be able to mitigate this risk slightly with a security deposit, this is often not enough. When you get landlord insurance, you will receive the coverage you need to repair any damage that occurs to your property.
Any landlord is going to be taking on liability risk daily, and many different situations could result in a liability claim. Due to this, having the proper liability insurance in place at all times is very important. When you get landlord insurance, you can receive the liability insurance protection that you need.
There are certainly plenty of advantages that come with being a landlord. When you are looking for landlord insurance here, you should reach out to the team at TransGlobal P&C Insurance Agency. The insurance professionals at TransGlobal P&C Insurance Agency can help any landlord determine their insurance needs. They can then help an investment property owner get into a policy that gives the right type and level of insurance protection. Contact our office to get started and learn more.
Landlord policy is generally designed to protect rental properties containing one to four units, including apartments, condominiums, and single- or multi-family homes that you own or rent to others.
Landlord policies can generally provide rental property owners coverage for the rental property, other structures (such as a garage or a shed), and the landlord’s personal property in the rental unit (such as household furnishings and appliances) from covered damage.
Loss of use coverage can also protect your income by providing coverage for the fair rental value of the property if it’s not fit to reside in while your property is being repaired as a result of a covered loss. This is subject to coverage terms and limits.
One of the risks landlords face is liability for losses that occur on the rental property. Liability coverage can help protect you from bodily injury or property damage arising from the use of your rental property.
Also known as med pay, this covers the medical expenses of a person who is injured on or as a result of a condition of the property. This coverage does not apply to you or anyone who is a regular resident on the property.
Please contact us to discover the landlord insurance coverage you need for your unique situation.
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