If you own one or more rental properties, than landlord insurance is one of the most important investments you will make. Not only does landlord insurance protect you from paying for Safeco Agent login damages, theft, and acts of nature associated with your rental property, but it also can protect you from financial liability associated with your tenants. Protecting yourself from the tenants who reside in your rental units is not only a smart financial decision, but can save you from tremendous losses associated damages they may be responsible for.
You are only making money off your rental properties when they are occupied and landlord insurance can make sure that you are financially able rebuild or repair your rental units as quickly as possible in the event of a claim. The sooner your units are back to the condition necessary to rent them, the sooner you are generating income again.
The three main types of are: landlord house insurance, landlord building insurance, and landlord content insurance. Each one covers different aspects of the rental property and it’s important that you discuss these differences with your insurance agents.
A couple of common scenarios make it obvious how critical landlord insurance can be. Lets say your rental building experiences a fire and displaces the four units houses there. Now you are responsible to cover the costs of repairs, absorb all the lost rent you are no longer collecting, and potential other damages associated with the evacuated families living there. Without landlord insurance that scenario could mean financial ruin for many people.
Another very common scenario involves a tenant that refuses to pay rent but you are unable to evict them for 30, 60, maybe even 90 days due to local housing laws. With a landlord insurance policy that includes Legal Expenses coverage, all your legal costs associated with suing the tenant for lost rent would be covered for you.