Do I really need landlord\u2019s insurance, or can I save by not shelling out for it? It\u2019s a question that\u2019s probably crossed every property investor\u2019s mind at some point. The answer? A resounding yes.<\/p>\n\n\n\n
\u201cIt\u2019s a must for all property investors,\u201d says Michelle Valentic of Advantage Property Consulting. \u201cIt\u2019s only a small, tax-deductible expense that could end up saving landlords thousands of dollars in the long-run.\u201d<\/p>\n\n\n\n
And, in the case of Terri Scheer Landlord Insurance, which costs less than $1 a day, it could cover a laundry list of tenant-related risks.<\/p>\n\n\n\n
Need specifics? Here are all the possible circumstances landlord\u2019s insurance will cover you for.<\/p>\n\n\n\n
Even if you\u2019ve done your due diligence and picked the best tenant, you\u2019re still not guaranteed smooth sailing. \u201cYour tenant\u2019s circumstances can change and that can affect them financially or how they look after the place,\u201d says Valentic.<\/p>\n\n\n\n
And, if you\u2019re in the business of short-term rentals or holiday homes, that\u2019s even more true \u2013 particularly as you will be doing less background research on the tenant at the start.<\/p>\n\n\n\n
A landlord\u2019s insurance policy designed specifically for short-term rentals, like Terri Scheer Short Stay Policy, will ensure you\u2019re covered should anything happen.<\/p>\n\n\n\n
The next thing landlord\u2019s insurance will cover you for are unexpected natural disasters or accidents in the home. Breaking or leaking water pipes, and area fires and floods can and do happen. And insurance will have your back.<\/p>\n\n\n\n
\u201cIt gives the owners peace of mind, knowing they can continue to cover their mortgage while they\u2019re going through this stress,\u201d says Valentic. \u201cThey have the insurance there as a safety net.\u201d<\/p>\n\n\n\n
Pets can be another big (but adorable) issue for landlords. \u201cMore and more tenants are having pets in their property and they can cause damage to floors and gardens,\u201d says Valentic.<\/p>\n\n\n\n
\u201cWe\u2019re finding more insurance companies are actually increasing the benefits they are now paying out for damaged caused by pets in properties.\u201d<\/p>\n\n\n\n
Subletting is another potential problem for landlords. If your tenants have organised someone who isn\u2019t on the lease to live in the property, they won\u2019t have met you and might not treat the property as well as someone who has.<\/p>\n\n\n\n
Plus, without being on the lease, they can avoid becoming accountable for any damages. \u201cThat\u2019s where insurance can assist you as well,\u201d says Valentic.<\/p>\n\n\n\n
And finally, landlord\u2019s insurance will cover you for any minor incidentals that may come up.<\/p>\n\n\n\n
Say, for instance, your tenant had to move out unexpectedly. The insurance will cover for the loss of rent, as well as for any cleaning, repairing, leasing and advertising fees you may be subjected to, says Valentic.<\/p>\n\n\n\n
Moral of the story? Get landlord\u2019s insurance.<\/p>\n","protected":false},"excerpt":{"rendered":"
Do I really need landlord\u2019s insurance, or can I save by not shelling out for it? It\u2019s a question that\u2019s probably crossed every property investor\u2019s mind at some point. The answer? A resounding yes. \u201cIt\u2019s a must for all property investors,\u201d says Michelle Valentic of Advantage Property Consulting. \u201cIt\u2019s only a small, tax-deductible expense that […]<\/p>\n","protected":false},"author":3,"featured_media":2397,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[8],"tags":[214,215],"class_list":["post-2396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-insurance","tag-landlord"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t