The Importance of Landlord Insurance
Countless landlords have had fantastic experiences with tenants. However, it is impossible to take it for granted, as some had not such great ones. Through our experience, we tried to understand what’s important to landlords. We wanted to cover a key topic was the Landlord Insurance’s importance and how it will protect you as an investor.
Some newer investors ask us why to invest in the protection if they’re hiring a Property Manager. However, sometimes, things can go wrong in the tenant’s life: a divorce, a death, a loss of a job. The investor should consider the change in circumstances. That is where Landlord Protection comes in handy. It is that extra safety net.
If a tenant does go in arrears with rent, for example, the legal procedure might take time – from start to finish. Sadly, it is not in your property manager’s control – as the courts might take a long time to settle all the issues. The Landlord Insurance, in this situation, might have policies that cover that loss of rent. Once that tenant is evicted, we can step in and assess the property and use the bond to clean and get the place back up to that standard.
Before, landlords were not protected against pet damage. Many investors still don’t know this, but options with extra protection – if they do want to consider pets into their rental property – exist. Some might cover up to $60,000 worth of pet damage.
There are many different insurance companies out there. Please, take the time to do your research in the various policies and landlord coverages.
If you need help or further information, please contact us!