Hayek Insurance Blog
If you own a residential property and plan to rent it out, it’s a smart move to acquire landlord insurance. Not only does it give you coverage, but it also helps keep your finances safe and secured at unprecedented times.
What You Need To Know About Landlord Insurance
Although homeowner’s insurance is beneficial, it wouldn’t cover your property if you rent it out. Additionally, renters are not held liable in cases of damage, injury, or other misfortunes. Landlord insurance helps minimize your costs resulting from these misfortunes and protects you from liabilities that may arise.
Although insurance providers offer varying policies, comprehensive landlord insurance provides three essential coverages.
Although some may not be needed, riders are beneficial for additional protection. Aside from the three essential coverages, landlord insurance also has other coverages that can save bucks in the long run.
How Much Is Landlord Insurance?
Generally, landlord insurance is 15% more expensive than homeowner’s insurance. Additionally, it’s commonly known that premiums’ price goes up when properties are used for short-term rental purposes. This is because short-term tenants are less likely to complain or request repairs.
Since rental properties are more prone to damage and incidents, it’s best to acquire landlord insurance for security.
Although more expensive, landlord insurance is beneficial if you decide to rent your property out. Aside from protection against liability, landlord insurance also provides financial security in cases of misfortunes or irresponsible tenants.
At Hayek Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (805) 496-8835 or Click Here to request a free quote.