Landlords have a responsibility to protect their tenants and the property they live in, and this starts with getting the proper professional insurance policy. Standard home insurance policies are not suitable for landlords, who need more a specific, comprehensive solution.
This is why landlord’s liability insurance exists, covering the potential costs of building repairs, damage caused by floods and fire, tenant complaints over accidents, injuries and damage to their property.
Despite the obvious benefits of this kind of insurance, some landlords still don’t feel that they need it and that taking out a policy would be a waste of money. What you need to think about is just how expensive it would be if:
• A tenant sues you for an injury caused by a faulty electrical fixture and wins substantial damages in court
• The property is water damaged after a flood
• The uninsured contents of the house are destroyed in a fire
Imagining these scenarios and just how expensive they could be for you as a landlord, you should be able to see why the proper insurance is a must. Don’t take unnecessary risks; protect your property, tenants and ultimately, yourself, with landlord’s liability insurance. For further information, please contact a member of our team.