Old Bay Insurance Agency Blog
Being a landlord is not an easy job to do. Rental business requires determination and patience. As a landlord, you should understand your tenants most of the time. Ask yourself if you can protect your leasing business and your renters in times of trouble. You can get rental properties insurance to help you be at ease.
Do you know about the terms of homeowner policy? Landlord insurance has the same coverage with it. One of the differences between the two insurance is that leasing is a form of business, so the rates of premium are different. As for the coverage, both cover the damage to the properties inflicted by natural disasters. For landlord insurance, the loss of income due to accidents in the rental property can be covered as well.
Some insurance companies separate liability insurance with landlord policy. Liability insurance is needed in case there is an injury that occurred in your rental place. Since the injury happened in your property, it is partly your responsibility unless the injured admits to his fault. You need to protect your tenants at all costs, so you need this policy. You must check up on your tenant’s leased property regularly, and if there is damage, you need to have it fixed as soon as you can.
If you are cutting your budget, you can try to look for an umbrella policy. In most cases, it costs less than liability insurance. It can also cover the basic terms in liability coverage. However, the plans are different because umbrella policy is often advantageous, especially during disasters. Its deductibles are high, so it can help with repair expenses. The reason it is less costly is that different policies are combined into one.
Some landlords include this insurance in the rent that their tenants are paying. It is not much of a financial burden since it only covers the personal space of the renters. The more tenants you have, the lesser the cost of renters insurance. The benefits of this policy are sometimes applicable to one unit only.
Do not think of insurance as another thing to add in your list of financial responsibility. You need to realize that it is important too. If you know that coverage is important, it is an excellent decision to look for one that your business needs.
At Old Bay Insurance Agency, Inc, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (410) 777-5390. Get your free quote today by CLICKING HERE.