Insuring Your Rental Property

Creative Commons License photo credit: G & A Sattler

Being a landlord is fraught with perils and you’ll want to be properly insured against such catastrophes. Surprisingly enough, your existing homeowners policy may cover your rental properties to a degree. Check with your real estate agent to see if the policy does cover rental units and what sized properties.

If you have more than one or two rental units or if your homeowners policy does not cover your renters then you’ll want to find an insurance agent who specializes in commercial properties so you are certain to get the right coverage for your particular situation.

Landlords that have units which appliances and/or furnishings will want to make sure they let their insurance agent know. These items aren’t always covered under a standard plan and you’ll want to be sure you’ll be reimbursed for any damages that may occur.

Larger landlords and property owners also have to consider any employees they hire. You’ll want to make sure that they’re properly insured, number one against any damage they may do while working on the property and number two you?ll need to have some sort of liability insurance in case they’re injured while on the job.

Insurance is one of those necessary evils that can feel as if they cost an arm and a leg, but if you need it, having it is a complete godsend.