Insurance for your Rental Properties

Creative Commons License credit: drewsaundersEvery property owner knows that insurance is important, whether you own a single unit or if you own multiple units. But a good property owner will stay on top of their insurance and make sure that they are covered for all possible situations, especially if that property owner is a landlord as well.

Make sure you have enough liability and property insurance to cover your losses if anything happens to your property and to cover the expenses of anyone who could be injured on your property. Design your insurance coverage to protect you from all natural disasters that are likely to occur in your region, as many of them aren?t covered by standard plans and require a rider policy.

If you are properly covered you shouldn’t have to worry about lawsuits from your tenants for injuries or discrimination. And you can rest assured that you will be able to repair your property following any loss. If you’re unsure of what insurance coverage you need, talk to a professional. Avoid the up sell, but keep your policies in line with your property value and the potential losses you could suffer. A good insurance agent can be a godsend and end up saving you thousands, if not more, in the long run.