Landlords Insurance A Must Have
One can never underestimate the importance of landlords insurance. This is a must have for landlords who have rented their homes. Purchasing landlords insurance policy protects and safeguards the landlords, in the event of any calamity or disaster.
Middlesex (I-Newswire) January 10, 2013 - One can never underestimate the importance of landlords insurance. This is a must have for landlords who have rented their homes. Purchasing landlords insurance policy protects and safeguards the landlords, in the event of any calamity or disaster. The landlord is compensated duly in the event of damages by the insurance company.
Depending on the type of insurance policy purchased, the compensation varies. Landlords who have exercised caution and have installed security devices like fire alarms, burglary systems etc will attract low insurance premiums on their property. In the event of damage to property, vandalism etc, the landlord will be adequately compensated.
In the event of structural damage to the property, landlords will receive due compensation from the provider. The coverage extended under insurance for landlords is much more as compared to that of homeowners insurance. In the event of any damage caused to the property by the tenants, the landlord has a right to claim for compensation. Legal expenses, if any incurred by the landlord also will be reimbursed to the landlord, if the landlord has purchased landlords insurance.
Insurance for landlords also takes care of expenses caused due to repairs to the structure. Depending on the amount of coverage, the insurance premium would vary. If the insurance premium is paid annually, the premium would be less. The best way to attract best rates is to invite landlords insurance quotes from more than four to five insurance providers. It is important to do a thorough research before settling for any particular insurance provider. Landlords protection insurance provides coverage for losses arising out of theft, damage to your property caused by tenants. The landlord will either by provided a replacement for the damage or due compensation.
However, it should borne in mind that wear and tear or damage to the structure of the property cannot be claimed as compensation. Landlords may want to purchase the building insurance as well as the insurance for landlords policy from the same insurance company. Check out the extent of coverage and if you are still unclear about it, you may want to call on the insurance representative. Many insurance policies may not cover damage or loss to property caused due to floods, storm and so on. Prior to purchasing landlords insurance, make sure to go through the disclosure document carefully and get all your doubts cleared.
Landlords insurance is also referred to as buy to let home insurance and is specially designed for safeguarding our investment, which in this case is our property or home. A standard home insurance may not offer the requisite coverage. Also, the insurance for landlord cover will vary depending on individual requirements. Places that are prone to earthquakes and floods will attract a higher insurance premium. Just make sure that you insure the property for the correct amount and neither underinsure it or overinsure it.
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Published On:January 10, 2013
Print Release:Print Release
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