Are you a new landlord in the Alamo area and do not still hold a landlord insurance policy? Then this is the right time to learn about the 7 things that you did not know your landlord insurance policy covers.
Insurance for landlords can help cover your financial losses from possible rental properties damages. These include a dangerous property fire, robbery, wreckage, and more similar destructive occurrences. By opting for landlord insurance, you can rest easy knowing that the financial support of your rental property lies in good hands.
So before purchasing your first rental property insurance, here are 7 crucial to check out:
1. Loss of Rental Income
Many rental damages such as intentional wreckage or fire can make a property unlivable during repairs. Since your tenants need a temporary shift, it might hurt your rental income during this time.
Luckily, landlord insurance plans cover loss of rental income till the very last day of repairs and help you sustain your rents in the tenant’s brief absence.
2. Protection of your Property’s Equipment
Your rental property might hold various appliances that belong to you. These include lawnmowers, dishwashers, geysers, AC units, refrigerators, etc. These are what the tenants can use in your rented property.
However, if any of these appliances sustain damage, your landlord’s home insurance policy can cover their maintenance fees.
3. Water Damage Coverage
Always ask an agent about water damage coverage that comes with the landlord insurance policy. Un-predictive water damage from geysers and pipe bursts can damage your rental property and lead to heavy maintenance expenses.
As a landlord, it is imperative that you know the type of water damages landlord insurance reimburses for your property.
4. Damage Protection for Your Rental Property
The following are common damages that your property might sustain while it is on lease:
- Vehicular wreckage to the fence or other property unit from rash driving or drunk driving.
- Explosions
- Strong windstorms, hurricanes, or tornadoes
- Fallen tree crashing property appliance
- Fire breakout
As the property landlord, maintaining rental property insurance can help you save on hefty amounts on damage repairs.
5. Medical Emergency Within the Rental Property
A faulty lawnmower or a heater can injure your tenant. If so, then you might become liable for paying their medical bills.
The same goes for injuries your tenant’s guests or relatives face within your property. Fortunately, insurance for landlords covers small medical bills that cover ambulances, x-ray bills, and minor injury treatments.
6. Vandalism Protection
Property vandalism and robbery is a recurrent issue and can put your tenants at potential risk.
Using the landlord’s home insurance, you can protect your tenant and their properties lest they fall under these dire and uncalled-for circumstances. Some insurance policies offer vandalism and burglary coverage as an add-on to your landlord insurance plans for better tenant and property security.
7. Legal Fees Reimbursement
Landlord home insurance can cover your legal fees if you are being sued by your tenant who faced grave injuries, fire, or robbery.
Most often, many mishaps occur due to a lack of attention, such as an unattended faulty main gate lock system, an old washing machine, or broken handrails on the staircase. Luckily, your landlord insurance policy covers your lawyer’s fees if your tenant sues for the injuries and losses they might face within your property.
Put Your Rental Property Under the Best Landlord Insurance Policy Protection
As a trustworthy and professional real estate management firm, PMI Contra Costa can assist you in preserving your rental property and assets in Alamo.
You can put your property in the hands of our efficient management system, which can find you the best landlord insurance policy that suits you the most. Our prompt services and a keen ear for your demands can help secure your rental property from bad and hefty expenses.
So contact us today to learn more about our services and how we can help secure your property and your valuable tenants.
