Becoming a landlord can be quite a mind shift for many people. It’s hard enough keeping up with your own property much less keeping up with properties that you don’t live in. Getting those middle of the night phone calls about a clogged toilet may not be high on your list of fun things to do, but there is no denying that land lording can be an extremely lucrative opportunity for the right person.
One very important part of being a landlord is making sure that your building is properly insured. Otherwise, you open yourself up to extreme liability. This is why landlord buildings insurance is important to know more about.
When looking into insurance, the most important thing to do first is speak with an experienced professional. You want to make sure that you work with an insurance representative who deals with rental properties most often. Having someone who is experienced in this type of insurance is vital to making sure that you get the proper coverage on your property.
You also want to make sure that any tenants that are put into your properties know that it is their responsibility to get insurance on their personal possessions. Sometimes tenants mistakenly believe that the insurance on the property itself will also take care of any loss that may happen with their personal belongings.
This is why there is tenants insurance for personal property, so you need to make sure that your rental documents inform the tenant that they need to get their own private insurance for their personal items.
When checking into landlord buildings insurance make sure that you ask your insurance representative what your coverage will be. For instance, is it simply covering the building itself? Or, will it also cover any private structures on the premises such as a garage or workshop? You also want to make sure if any of your personal property, such as your tools, appliances and other items stored on the site, will be covered as well.
There is no question that landlord buildings insurance is very important to have on all of your properties. Make sure that you ask all of the pertinent questions and get as much information as possible before selecting the insurance plan for your investment property.
By James Clapton