Landlord & Rental Property Insurance
Because properties can vary greatly in many ways, an off-the-shelf insurance package won’t likely be the right fit. Your location, building specifics, and the number of dwelling units all may factor into your insurance policies. It’s important to understand the unique nature of your risks based on the type of property you are insuring.
Their Rent is Your Income
Even with the most thorough credit and background checks, a tenant can default on their rent. It can take months or longer for you to take the legal action necessary to remove them and secure a new tenant. The whole time, however, you’ll still need to pay for your mortgage. Consider an insurance policy that may protect you in the event your resident defaults, dies, is deployed, or cannot or does not pay their rent. Such a policy may also provide coverage for legal fees related to eviction proceedings.
Is your property covered when no one lives there?
If your rental property is vacant, you still need to make sure it is covered appropriately. It’s important to find out if it is covered under your existing policies. If not, consider obtaining a vacant property policy to cover you until a tenant moves in.
How much does rental property insurance cost?
The cost will vary depending on a lot of factors, including the size of your building, where it’s located, when it was constructed and the types of risks possible in your region.
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- Get the coverage you need.
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