Insurance For a Rental Property – “What You Need To Know”

need to seek legal action against you.

Deductibles

If this level of insurance seems a little expensive for you or your tenant, then you can always try to obtain a policy that has a high deductible but a low premium. This works very well if you’re trying to protect a large number of relatively cheap items. On the other hand, if you or your tenant has some very expensive items, you will want a policy with a low deductible. Assess your needs and purchase a plan that’s right for you.

Final Thoughts

If both you and your tenant have the proper rental property insurance, then there is very little that won’t be covered in case something gets destroyed or stolen. You’ll also be covered from liability in the case of injuries or defects in your property. It’s always better to be safe than sorry, so know what you’re getting into if you decide to skimp on insurance. I highly recommend adding an umbrella policy to your regular home owners policy. This will give you even more protection from tenant lawsuits.

*If you enjoyed this article and would like to learn more then visit my website by clicking on the following link Working-Landlord.com

About the Author

I’m Eric Madrid – owner of working-landlord.com, Real Estate Investor, Landlord, Aircraft Mechanic, Author, Husband, and Father. As you can see I wear many hats, just like a lot of other landlords.