by Kiefer Moore
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. While your needs may differ from mine, there are some insurance covers that are must haves for most landlords.
Personally my reason for buying landlord insurance is to protect myself against any big unexpected losses that can cripple my rental cash-flow.
That is why fire, insurance landlord liability insurance and rent guarantee insurance are must buys for me. The monetary losses from 3 areas can easily run into thousands of dollars and it gives me a peace of mind knowing that I won't be the one forking out the cash if anything goes wrong.
If you are highly skilled in screening tenants or blessed with excellent tenants, then you can consider dropping rent guarantee insurance. However you still run the risk of losing rent payments if your tenant gets slapped with retrenchment or goes bankrupt.
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