Insurance for Landlords
Investing in property allows you to make profits over the long run, investing in landlord insurance will protect you from any possible losses that you can incur due to damage to your asset. Landlord insurance is one of the most important purchases that a property investor should consider. Here is why:
- Landlord insurance covers the losses that you may incur when your property is damaged in a fire accident, damaged by tenants or by natural calamities like floods, storms and earthquakes.
- Landlord insurance also protects you from losses that you incur when any of your tenants default the rental payment.
Choosing Insurance Policy Wisely
Your landlord insurance can protect you only from the losses that the policy covers. Therefore it is important that you choose the right kind of policy keeping in mind the property type, the location and the risks to the property.
The right kind of insurance policy is one that provides adequate cover to the policy holder. Your policy does not cover the contents that belong to the tenant, so as your property manager we will strongly recommend this to any tenant that takes up occupancy in a property we manage. It does however include the internal fittings such as window furnishings, flooring and appliances etc.
Read the Fine Print
Ensure you read the fine print of the landlord insurance policy to know what is are covered and what is not as this can save yourself from a nasty surprise when you apply for a claim. For example, some policies include accidental damage caused by the tenant while others may not.
At Professionals, we can also help you find the right landlord protection insurance policy for you. It is important to note that some insurance companies will not offer policies to private investors if the property is not managed by a Real Estate Agent.