By the time you’re planning to rent a property, then you need to make sure that you’ve prepared the necessary insurance for the landlord. As you can expect, renting your own private property to someone else is risky. You’ll never know what they might do once they rent the place, and it is their right to use it as they see fit. That’s why having a financial backup plan which covers your property as a landlord is extremely important. The landlord insurance for housing benefit tenants as well, especially if the damage caused to the property has been done by the landlord himself.
It’s true that this type of insurance is benefiting the landlords the most. However, when the landlord himself damages the property either intentionally or accidentally while it’s still being rented to a tenant, then it’s likely that the insurance will mostly benefit the tenant if this kind of scenario occurs. Nevertheless, as long as the landlord isn’t doing any action which potentially damages the property, the insurance itself will be a good financial protection for the landlord as long as the damage of the property is included in the list that will be covered by the insurance.
The usual types of damages that will be covered by the landlord’s insurance are fire, explosion, earthquake, lightning, theft, and other kinds of damages. Just remember that each insurance company has its own lists of covers, so it will be a good idea for you to consult with the insurance company before you decide to take it. This makes sure that you’re going to get a landlord’s insurance that will benefit you the most, and it covers all of the potential types of damage that will likely have the biggest risk to occur to your property. Just remember to always prepare your landlord’s insurance first before you decide to rent any of your properties.