Did you know that landlords need insurance? This article answers the question, “What kind of insurance do landlords need?”
What kind of insurance do landlords need?
If you own over five properties, then you need portfolio insurance. This type of insurance is convenient as it allows you to get cover for all your buildings collectively, as opposed to paying for each building separately.
This type of insurance cover the items that you provide for your tenants such as carpets, countertops, furniture, etc. This kind of cover is optional but can be beneficial to you, should clients damage contents in your home.
Rent guarantee insurance
Different things could happen to your tenants, rendering them incapable of paying rent. If you want to ensure that you don’t lose your rental revenue, then you might need a rent guarantee insurance.
Oversees property insurance
If you want to build and rent out properties in other countries, this is the right insurance for you. Renting out a property overseas is not the same as being a landlord in your country.
For instance, you might not be able to inspect your property as often as you wish. Property inspection is paramount because it ensures that your property is always in tiptop shape for your tenants.
Holiday home insurance
You need holiday home insurance to protect your property. Renting out your holiday home to holidaymakers means that strangers come into your property now and then.
There are those holidaymakers that will respect your property, and there are those that will vandalize it hence the need for the insurance.
If you intend to rent or lease out your property to tenants, it’s essential to have landlord insurance.