What You Need to Know about Landlord Insurance
Renting out your property, whether it’s an apartment, a house, a cottage or anything in between, is a major risk. It’s always important to make sure that you have proper coverage to protect yourself against any risks that come with renting out your home to strangers. Here at Eisenhauer Insurance Inc., we do everything we can to make sure that you stay protected, no matter the situation. Let our experts walk you through what you need to know about the different things that can be covered by your landlord insurance.
There are a lot of things you need to take into consideration when it comes to renting out a piece of your property. Making sure all your paperwork is in order is only half the battle. Despite what your renter agreement says, you still need to do your due diligence before you decide to rent out your building.
Be Careful Who You Rent To
Choosing the right tenant is probably the best way to ensure the safety of your investment. A bad tenant could mean a number of things. They could disturb the other residents in your building, ultimately leading difficulties renting out other units. A bad tenant might be someone who refuses to pay their rent on time (if at all), or even a tenant who routinely causes damage to the unit they’ve rented. Luckily for you, there are landlord insurance policies that can cover the cost of any malicious damage caused by unruly tenants and even loss of rental income from tenants who refuse to pay.
Be Prepared in Case Someone Decides to Sue
While this might seem unlikely, it’s prudent to obtain coverage on your insurance policy in case someone decides to sue for an accidental death or injury that occurs on your property. Find a policy that covers any potential lawsuit an unhappy tenant decides to bring your way.
Always Account for Theft
If you’re offering your tenants fully or partially furnished apartments, there is always the possibility that someone tries to steal from your unit. Even a tenant with good references might turn out to be a little shadier that you expected. Should a tenant decide to steal from you, you’ll want to make sure that you have an insurance policy that covers theft from your furnished apartment unit.
If you’re looking for insurance brokers in Halifax and Nova Scotia, call the experts at Eisenhauer Insurance Inc. We offer everything from homeowners to car insurance. Don’t lose money because of improper coverage, visit us today and take a look at the different policies and services we offer.