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What
is the Best Landlord Insurance Policy
and Cover for You? Info Guides PART 2
Getting the
best landlord insurance means having a
landlord insurance policy that fits your needs and budget perfectly. Find out
what are the
different types of insurance safety nets available in this Part 2 of our Best
Landlord Insurance Guide.
Do you know
what are the two most common and important insurance covers for a
landlord? If No, Click here
for Part 1
of this
Landlord Insurance Info Guide.
Rental
properties tend to be long term
investments with their set of own risks and possible losses.
Having strangers live in them for a long time will no
doubt up the
risk factor. Learn how you can further protect your precious
investment below:
Landlord
Contents Insurance
Landlord contents insurance compensates you for any damage to your
furniture, fixtures and appliances that you provide with your rental
property.
As the name suggests, you will only be covered for personal possession
that belong to you and found on your rental property. If your tenant
wants to be protected against damage and losses to his own belongings,
he will have to pay for a renters
insurance with his own money.
Depending
on how well furnished your rental property is, you may just
want to buy a limited contents insurance that covers the bare basics
such the flooring, heating / cooling systems and fixtures or take out a
full contents policy that will include almost everything.
For more
landlord insurance info on this type of landlord insurance policy, Click here for our
complete guide on landlord contents insurance.
Rent
Guarantee Insurance
Also known as rent loss or rent default insurance, this insurance will
compensate you for any loss of rent if your tenant abandons the rental
property, refuses to pay you rent or is legally evicted.
The cost for this type of insurance is usually a small percent of your
monthly rent and your insurance company may require a thorough
screening of your tenants by a professional tenant screening
service such as Tenant Verification Service or E-Renter.
Even
if you have the best landlord insurance policy, you will still be
have major headaches if you are stuck with difficult tenants. That is
why we always recommend that you run a credit check on
your tenant
applicants to make sure that they are able and willing to pay the rent.
Click
here for our guide on how to carry out a landlord credit check.
Natural
Disaster Insurance
While you
can't possibly have any control over the fate of your rental
property when it comes to natural disasters, you can cover any
potential and crippling losses by topping up your landlord insurance
policy with natural disaster insurance.
Natural disasters covered usually include flood, earthquake, hail,
hurricane and is usually complete optional as an add-on protection.
Naturally different areas are prone to different catastrophes
so make sure you do your homework and only pick the relevant type of
disaster cover if you want the best landlord insurance for your money.
For example if your rental property is located in a low lying flood
plain, buying flood insurance will be a no brainer. To find out
which natural disasters your rental property will be
vulnerable
to,
you can approach your insurance agent for their landlord insurance
guides.
Employer's
Liability Insurance
If you employ someone to carry out tasks related to your
rental property and he meets with an accidental injury or death, this
insurance will cover you from any claims and legal pay outs.
This type of insurance is often overlooked by most landlords but it's a
must have if you hire someone to work on your rental property (even if
it's just a short term casual employment).
Before
you go shopping for the best landlord insurance policy for employer
liability, you should find out if you will need it in the first place.
For example if you hire an individual accountancy to handle your
accounting, that will make you an employer. On the other hand, you
won't be considered an employer if you pay a accountancy firm to do the
sums.
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what our visitors have to share below OR Scroll down to
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What is the Best Landlord Insurance Policy for You?
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The best landlord insurance will grant you both the right type and dollar value of protection against any losses that you face as a rental property owner....
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