Low Cost Landlord Insurance - Does it REALLY Exist?
Landlord insurance is important for almost
every landlord to have, and low cost landlord insurance does really
exist. It is not necessary for a landlord to have to pay a lot
just to protect their property, and many insurance companies make
it possible for landlords to purchase low cost landlord insurance.
A well planned out landlord insurance policy will be able to protect a landlord
from any damage that can occur to their property. The damage can be a result
of many factors, including fire, storms, burglars, and even vandalism. There
are also additional options that can be purchased for occurrences such as earthquakes
or floods, if the property is located somewhere that they might be susceptible.
Another factor that should be included in
the landlord insurance policy is liability insurance, which will
cover the landlord in case any injuries or deaths were to occur
on their property. The liability would cover such cases if they
were caused due to some type of defective condition or default
on the property. Liability insurance will also take care of any
legal fees if there were ever a personal lawsuit against the landlord.
Landlord insurance can be a great help if something like this were
to ever occur, and it only costs a few dollars a day.
When looking for landlord insurance, keep in mind that you get
what you pay for. Although you can do some shopping around to try
and find the cheapest policy, make sure that you purchase enough
coverage for your personal property and assets. Because your premium
will be based on the amount of property that you would like to
ensure, you may find yourself with a high premium if you own a
lot of expensive personal property. Keep in mind though, that a
high premium will still only cost you a few dollars a day.
While many believe that they do not need to purchase landlord insurance
because nothing will ever happen to them or their property, having
landlord insurance will save you a great amount of money if something
were to happen. For example, if you pay a total of 30 dollars a
month for your landlord insurance, you will be paying 360 dollars
a year. During that same year, you purchased your spouse an anniversary
ring, a new television, and even a new compact disc player. If
these items were insured and then stolen or damaged, you would
be able to replace about 3000 dollars worth of personal property.
Even if you go years without experiencing a loss of personal property,
you will still be paying less if you opt to purchase low cost landlord
insurance. You also will never have to touch your savings if for
some reason a friend was hurt on your property. Landlord insurance
would cover it for you. So if you are interested in protecting
your personal property, as well as yourself, you should consider
looking into a landlord insurance policy. You can contact your
local insurance company and they will be able to help you determine
which policy would work best for you.
