If you’re a landlord, you know that there’s a lot of things that go into being a successful one. Renting out a home or an apartment can be a great side business with lucrative income, but it also means that there are higher risks that tend to come along with that option as well. It’s not as easy as just putting out a for rent sign or add and then waiting for the money to come rolling in. There is a slew of aspects that you must think about to make your time as a landlord valuable and less stressful.
If you’re debating about what to do when it comes to landlord insurance, here are three reasons why you need to get your quote and get coverage as soon as you possibly can.
3 Reasons Why Landlord Insurance Needs to be on Your Radar
Many assume that landlord and homeowners’ insurance can fall under the same policy, but that just isn’t the case. They are two separate policies and need to be treated as such. Here are some simple reasons why landlord insurance should be something that you pay close attention to.
Landlord insurance covers things you might not know you need coverage for
It’s hard to think about everything that you could need coverage for. After all, life happens, and so do accidents. But things like weather coverage, vandalism or even an apartment complex fire are just some of the things that a landlord insurance policy just might help cover the cost of.
Unless you ask, you’re not going to know, so it’s important to educate yourself on all the different natural and man-made accidents that it can help pay for. Another significant aspect often overlooked is the process of rent collection, which can sometimes become a challenge, especially with difficult tenants. Unfortunately, no insurance policy covers lost rent, but you may hire a rent collection agency and let them do the work for you. Such agencies not only alleviate the stress associated with this aspect of being a landlord but also provide a professional buffer between you and your tenants.
It’s not really that expensive to obtain
Just because it could help cover major expenses doesn’t mean it has to be a major expense for you. There are several plans and options available to consider, and you’re certain to find one that will fit your budget as well. Don’t write it off just because you “think” that it will be out of your price range. You’ll be surprised at how simple and affordable it can be to obtain.
Your tenants will feel peace of mind as well
You might be surprised to find out that your tenants will be happy to hear that you’ve taken precautions to make certain that you’ve got everything covered should an accident arise. After all, this is going to be their home or business location as well. Telling them that you’ve got the proper precautions in place and that if something were to happen it’s not going to be a big issue is a great way to get your tenants to understand that you’re taking your job and title as a landlord quite seriously.
It gives you once less thing to have to worry about
Last, but not least, obtaining landlord insurance gives you one less thing to think about as well. While it’s never fun to think of damaged property, it’s even less fun to find out that you lack the insurance coverage to repair and rebuild it.
For a simple and small monthly fee, why not give yourself complete peace of mind? You truly don’t ever know when something that is out of your control is going to happen, but you can take the steps necessary to put a stop to the monetary damages before they hit your personal bank account. Taking the steps to obtain landlord insurance should be one of your top priorities as a landlord. Make certain to add this to your to-do list and get it done today!
