5 Reasons Why You Need Landlord Insurance

Ever heard of horror stories that involved tenants? If you’re thinking of ghosts and whatnot, that’s not what we are talking about. Believe it or not, there is something a lot scarier than a ghost, and they are called tenants from hell. If you’re a landlord, then you might very well know they exist, and that these are very much real.
If you own properties that you rent out to others, then you need a Landlord Insurance. It is a protection for you, for your property as well as your guests. There are lots of reasons why every landlord needs the best Landlord Insurance.

It gives you more liability coverage.

Accidents happen whether we like it or not. There will be times untoward incidents occur to our tenants no matter how hard we try to prevent them. When this happens, they can sue landlords for severe injuries. If these guests have been residing long enough on the property, the damages will most likely not be covered by your liability insurance.

Homeowners insurance is not enough.

If you’re a landlord, the advisable amount of liability coverage is at least a million dollars. A homeowners insurance can only cover up to a couple of hundred dollars. If ever the time comes when you are to face lawsuits, then you’ll need more than that. It is not unusual for landlords to experience such legal actions. However, spending a few more hundred dollars on your landlord insurance will be worth it.

It provides “loss of rent.”

If your property suffered damages, it would not be able to generate tenant rent for some time. It is often called "loss of rent". If this ever happens, the best landlord insurance company can cover it for you. However, the only amount you will receive from your insurance company would be the actual market rent – no more, no less. It protects you from tenant theft.
There will be people who would steal items inside your property. Unfortunately, they could also be your tenants. With the best landlord insurance Australia, you can make a claim to replace the cost of the item stolen. It can cover your tenant’s arrears.
If you have that one tenant who continually skips on paying their rent, you can have your insurance to cover the arrears. It is important to note that it can only include a certain amount depending on your insurance policy.
Being a responsible landlord is not an easy task. The fact you’re renting out your property to strangers makes it an even riskier. With the proper insurance policy to back you up in times of need, you, your property and your guests are in safe hands. Don’t settle for the cheapest deals if you know it won’t be worth it. You would want your landlord insurance Australia to be the best among the rest. This way, you’re sure you’ll be compensated well within your rights.

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