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Insuring Your Rental Property |
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Have you ever played a game of Monopoly? If so, then you already
understand the basic principles of property investment. You purchase a
property, and rent it for profit. But real property investment is no game,
and there’s a lot more involved in turning a profit than just passing "Go"
and collecting a cheque. Landlords must protect what they own, and should
have a good rental property insurance policy in place.
Whether it’s
an apartment unit or a family home, landlords have little control over the
physical damage that can occur in or on the property they own. Rental
property insurance will cover the costs incurred by damage.
Rental
Property Protection
Through a well-planned rental property insurance
policy, landlords can protect themselves from losses caused by most
sources including fire, storms, burglary and vandalism. A comprehensive
rental property insurance policy might also include liability insurance,
with coverage for injuries or losses suffered by others. The liability
clause in a rental property insurance policy may also cover legal fees and
the costs of defending a personal injury lawsuit.
In purchasing
rental property insurance, it is important to be sure that there is enough
coverage to protect all property values and assets. The rental property
insurance policy must also cover physical and legal injury, including
discrimination, slander, libel, invasion of privacy and unlawful and
retaliatory eviction.
Rental Property Insurance Providers
Many
insurance companies now offer rental property insurance policies. Review
the list below for a few examples of companies offering this protection,
along with an outline of their policies:
AAA Insurance Rental
Property Insurance
For rental property insurance, AAA Insurance has
allied itself with Balboa Insurance Company to provide better insurance
coverage. Their rental property insurance features a Dwelling Fire policy,
providing protection for most direct physical losses on residential rental
properties, and structures attached to them. The AAA policy will cover up
to ten percent of the total cost during the process of repairing or
reconstruction after a loss.
LandlordZone Rental Property Insurance
This
online insurance company is based in the United Kingdom. The company
insures rental properties including maisonettes, flats (apartments) and
houses, as well as offices, shops and other commercial properties.
LandlordZone also provides rental property insurance coverage for HMO
(Houses in Multiple Occupation), student and holiday lets, letting
businesses, unoccupied properties, asylum seekers, housing benefits and
public liabilities. In the rental property insurance for landlord and
tenets, the company includes rent guarantee, emergency assistance,
tenant’s insurance, property under construction, bed and breakfast,
business insurance and second homes.
Renting property is no game.
Don’t leave the protection of your property to a roll of the dice. Buy a
secure rental property insurance policy, and protect your valuable
investment.
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