As a landlord, property maintenance and protection are of utmost importance. The unknowns of keeping tenants are too vast for a property to be uninsured. Consider habitational insurance to protect your investment in either commercial or residential rental properties.
What is the Purpose of This Insurance?
Habitational insurance can be tailored to the specific needs of any landlord, but it generally covers a homeowner’s leased or rented property. The intent of this coverage is protection from loss of income due to damage incurred to commercial residential living spaces. Whether renting homes, condos, or apartments, having an insurance plan provides a homeowner with a safeguard for unforeseen accidents.
What Does This Insurance Cover?
While policies can vary based on need, most will cover property and general liability. A unique component is coverage of a homeowner’s property within the residence. Policies can also cover property damage related to hail, earthquakes, pollution, wind storms, etc. In many cases, general liability can even cover injuries incurred by a resident of the property.
Is This Insurance Right For Me?
You may be wondering which type of insurance is right for your situation. If your family’s income is derived from the property being rented or leased to tenants, then there is no need to leave your family’s well-being unprotected. Habitational insurance is an absolute must-have.