Being a landlord for rental property in California is no cakewalk. It’s hard enough for anyone to maintain their own living space, let alone care for living spaces rented out to complete strangers.
Maintaining rental properties is taxing as it is rewarding. Make sure your tenants pay on time. You also have to keep the place clean and well-maintained. Most importantly, you need to get a good insurance policy for your properties. It’s a common mistake among landlords to neglect getting insurance for their properties without even realizing how risky that is.
What You Get Out of It
As Insurance by Castle says, “Renting property can be a hassle enough without having to worry about added costs and unexpected accidents.” First things first, what exactly is your coverage? This may vary from company to company, but the usual coverage for landlord insurance is as follows:
- Acts of nature – This refers to coverage for damage done by your average storms, flood, earthquakes, and other natural disasters. Some companies even cover civil unrest and riots.
- Damages caused by the tenant or tenant’s guests under a landlord’s building’s policy – You have no guarantee that your property will always be in one piece. That’s where this cover comes in, to ensure you have coverage for any future damages done by your tenants.
- Rent loss – Of the many advantages you get from landlord insurance, this is probably the most important because it protects you from loss of rent.
These are just a few of the many advantages you can gain from getting landlord insurance for your properties. For every landlord, your property is a huge investment and it only takes one freak accident for that investment to go up in flames. Take steps to protect your investment.