The Basics of Rental Property Insurance
Spring is here and many rental property owners are gearing up to host summer vacationers. Your rental property is worth protecting, so ensure you have the right insurance coverage. Staples & Associates is here to help you understand the basics of rental property insurance and get you the necessary coverage.
Do I Need Rental Property Insurance?
If you’re a full-time landlord, yes. If you are not a full-time landlord but rent out your property, yes. Your property is an asset and is full of other assets as well. Accidents happen and eventually, the property will need a repair or two, but if there are expensive repairs from a renter’s incident, you shouldn’t have to cover that on your own. Insurance is there to protect you and help you keep the income you’re making without having to spend it all.
What Rental Property Insurance Covers
These insurance policies are similar to homeowners insurance by covering expenses related to events like storms, fires, vandalism, etc. A home, condo, townhouse, and apartment can all be covered. The insurance policy will protect the building as well as items you own inside like furniture, appliances, and decor. Along with most insurance coverages, other situations like injuries and legal matters may be protected.
Plus, rental property insurance takes into account whether you rent your place full-time or part-time. If damages take time to repair and you can’t rent the space, your insurance policy can supplement that income.