Why Landlord’s Insurance is Highly Recommended
Whether you own one property or you have a portfolio of different properties, landlord’s insurance is an excellent option. This type of insurance is important and it will keep you protected against unexpected problems. Nature can cause a disaster as can your property tenants. Purchasing landlord’s insurance will help you to protect your investment, leaving you with peace of mind.
One reason that this type of insurance is so important is because you never know when property damage will occur. A fire could destroy your property or some other disaster could occur that causes damage to your property. Having to repair the property yourself can be extremely expensive. With quality landlord’s insurance, you have coverage when this type of problem occurs.
Landlord’s insurance is also important because you, as the landlord, can be held responsible if a tenant is injured on the property that you own. Tenants are known to sue landlords for injuries that occur. The right policy can make sure that your legal fees are covered while you defend yourself. If there is a judgment against you, some policies will pay out so your assets and personal belongings are protected.
There may be times that you end up losing income from your rental property due to damage to the property. If a fire occurs or another type of damage occurs, your property may be uninhabitable for a long time. There are some policies that will reimburse you for all this lost income, which can be very helpful if you depend on the money that you bring in with your rental properties.
Financially, landlord’s insurance is definitely an excellent investment. Although you will have to pay for this policy, the protection it offers you is worth the money you pay out. You are not required to have this type of insurance, but it is definitely recommended. It can make the difference between your success or failure financially if a disaster or other problem occurs. Sure, if no problems occur, you’ll be just fine without this insurance. However, if a problem does happen and you are not insured, you could end up having to pay thousands of dollars in legal fees, judgments, or repairs.
As an investment property owner, Damien Clarke understands the risks of not having adequate Landlord Insurance.
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