Five Steps To Maximize Your Landlord Insurance Policy Amid A Crisis

​If you want to maximize the use of your landlord insurance policy, even if there's a crisis, here are a few steps that you can take. This article can help you figure out what those steps may be and how to use them to your advantage if you plan to rent out your property in 2022.

1. Know Your Existing Policy
   First, you have to get to know your existing policy. Understand what it is for. This way, you will be able to take advantage of the many benefits that you can get from the policy in terms of coverage and protection.
   
   
2. Know What Kind of Policies You Can Bundle It Up With
   Know what other policies you can bundle it up with. The landlord insurance policy also has limitations when it comes to coverage. If you know your policy well, you will bundle it up with other existing insurance plans to extend the coverage scope.
   
   It will give another layer of protection if you have two policies working together as one.
   
   
3. Be Aware of the Difference
   You should know the difference between a Landlord and a Homeowners' Insurance policy. The landlord insurance policy works to protect the owner's rights of the land or property being rented out.
   
   It's known to be 25% more expensive than homeowners insurance mainly because it covers the damage that might occur in the apartment. You will be protected as a landlord from fires to water damage if you don't fail to update your existing policy.
   
   
4. Familiarize Yourself With The Advantages Of Homeowners' Insurance As Well
   In terms of the homeowners' insurance, it protects the property that you own as a residence. It is much lower in price because you own everything in the house. In theory, damages are less likely to occur because you will end up taking care of your property.
   
   
5. Learn About Your Coverage
   It would also help to know what your existing policy can cover. Usually, it covers fires and any disasters that may occur and cause damage to the house. For example, it can cover water damage caused by flooding if any pipes burst.
   By knowing what your specific policy covers, you will know how to circumvent the limitations that it presents. For example, if the coverage for water damage isn't enough for you, you can also bundle it up with flood insurance.
   
   It will expand your coverage points exponentially.

The Closing Statement
With these points, you will be able to get a sense of your existing landlord insurance and how you can use it in times of crisis. Remember that knowledge is power, and once you know everything about your policy, you will get better at protecting yourself and your tenants in the future.

At Hayek Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (805) 496-8835. You can also request a free quote by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agency to go over your existing coverage. We are happy to help you make sure your needs are being met!