Comparing Landlord Insurance Coverage

Compare landlord insurance before you commit to any insurance. If you are renting a property out as an extra source of income, it is probably just that, an extra source of income. This means that you have other work to do, and you can't devote every waking minute of your day to your building. Of course, there are some things that you are going to have to find the time to do, but there are other things that you can do that do not take much time at all, such as getting and comparing landlord insurance quotes. As a landlord, you need to make sure that you are protected from the many things that can happen to landlords, and the right insurance will offer you the protection you need. After all, why else do you think they call it insurance?

Now, as we already said, you probably already have enough on your plate, and you may think that you just don't have time to shop around for good rates on insurance. If you already have insurance, this may have been what you did. Unfortunately, you may not be getting the best possible rates. It really doesn't take a whole lot of time or effort to receive and compare landlord insurance quotes. You can do it online, and it doesn't matter what time of the day or night you make your request, you will still have the answers you are looking for in a couple of minutes.

Why You Need Landlord Insurance & Why You Need to Compare Landlord Insurance

Paying a little bit now for landlord insurance can save you a lot of money in the long run, especially if you end up really needing that insurance. There are many different things that landlord insurance will cover, so you can be sure that you are going to be protected when you rent your property out to others. For instance, if you are renting an apartment or house that is partially or completely furnished, your insurance should include coverage for the items you own. That way, if they are damaged by your tenants, you will be able to afford to have them repaired or replaced. Other things that landlord insurance covers include:

Legal Fees – If you have to sue a tenant for unpaid rent, you could end up with quite a bit in legal expenses. Having landlord insurance will help, because it will cover these expenses for you, so you do not have to pay them yourself.

Damages Caused by Natural Disasters – If your rental property is damaged by such things as tornadoes, hurricanes, earthquakes or other natural disasters, and you end up with an empty building while repairs are being done, your landlord insurance will cover the rental income you would lose until the building is able to be rented again. One thing to remember is that damage from flooding is not always covered, so if your property is in an area where flooding is a possibility, make sure that flood damage is included in your coverage.

Injuries to Others on Your Property – If one of your tenants should happen to injure himself while on your property, and the injury is caused by something that was in a state of disrepair, your tenant could very well end up suing you for medical and other expenses. If you have landlord insurance, you will not have to pay these expenses yourself. It doesn't even have to be a tenant who can sue you for injuries. If your tenants have guests, or even if someone is visiting the property, if they are injured as a result of something that you should have repaired, then you will be responsible for any expenses.

It's Important To Shop Around for Landlord Insurance & Compare Landlord Insurance Quotes

You should never get your insurance from the first company that gives you a quote. Just like anything you purchase, you need to make sure that you are getting the best prices for your insurance, and in order to do so, you need to shop around. At one time, this meant either going from company to company in person to talk to agents for quotes or telephoning each individual insurance agency. Today, you can simply enter a little bit of information online, and in minutes you will have quotes from many different insurance companies. Then you can compare landlord insurance quotes and prices and decide which company is offering you the best deal.
Having a rental property is a great way to bring in an extra income, but remember, there are many responsibilities that go along with being a landlord. Making sure that you have enough landlord insurance is one of those responsibilities. Request your free quotes today, compare landlord insurance quotes, and get the landlord insurance you need, at rates you can afford. If a time does come when you need to have landlord insurance, you will be glad you did.