If you are a landlord then you better have landlord insurance. The reason why I say you better have landlord insurance is simply because not having it puts both yourself and your property at risk. What most people don’t understand about landlord insurance is that it covers you from being sued in case something were to happen on your property, it will cover certain damages that might take place, and in some cases it will also cover lost rent due to a damaged rental unit or something of that nature.
The first thing you need to know regarding landlord insurance is it is pretty cheap and even so most landlords don’t have it. Usually when a person is a landlord for the first time they don’t know what to do and that is why they don’t get landlord insurance but believe me when I tell you that not having it could be one of the biggest mistakes of your life. The reason why this is a mistake is because your tenants could really ruin the unit and there isn’t much you could do about it, also if you didn’t have landlord insurance and there was a fire or something like that you would not get reimbursed for it. Most of the time people think that their homeowners insurance will cover a fire or flood but the fact of the matter is homeowner insurance only works when you are living in the home.
Another thing you need to know about landlord insurance is that even though it does cost money it is all a write off if for your property. The fact of the matter is taxes are a huge part of the investment industry and when you get to write off the money you spent on landlord insurance it is really a great deal. The last thing I want you to understand is not every insurance company will sell landlord insurance so it is up to you to figure out who does and which company you want to go with. My advice is to take some time and do all the research you can on every company and then when you’re ready, get several house insurance quotes from the various brokers out there.
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