Renter’s insurance policies vary from company to company as to what is covered by the policy. There are, however, several coverages are standard in the industry. The landlord has insurance that protects the property against disasters such as fire, and other damaging events. The renter’s personal property is not covered under the landlord’s policy, so the renter must assume the responsibility to provide the coverage necessary to protect themselves from unexpected events. But just what is available to be covered by these renter’s insurance policies? [Read more…]
Being a landlord comes with a great deal of responsibility. Not the least of which is to make sure that the property or properties that are owned are insured with the proper insurance policies. There is a multitude of policies available to landlords to protect themselves and their investments. The available insurance policies can be classified in three distinctive categories. There are policies that are essential, meaning they cannot be done without. The second category would be elective, meaning that under certain circumstances these policies would be needed. The third category is expendable, meaning that these policies would be completely up to the discretion of the landlord to take these policies out. [Read more…]
We don’t know what the future holds, and no matter how meticulously we try to keep our rental property secured and our renters safe, we’ll never know when a complaint or accident will arise causing us to potentially lose our property in a lawsuit battle.
Bottom line is this can be financially devastating for any rental property owner. The good news though is that, there is an umbrella policy for you. Providing excess coverage above and beyond the landlord’s and auto insurance policy, umbrella coverage policy can provide a minimum of $1 million of added liability protection for only a few hundreds of dollars annually. [Read more…]