Are you a landlord without landlord insurance? If so then you are making one of the biggest mistakes of your investment career and the reason is because being a landlord without the proper insurance is one of the biggest risks you could take. What most people don’t realize is that landlord insurance is there to help them with whatever it is they might need. For instance if your property burns down then your landlord insurance will kick in and cover the cost of replacing your building. Just think what your property is worth and imagine if you had to pay out of your own pocket to have it rebuilt. Would your investment portfolio still be the same if that happened?
Something that scares a lot of landlords is the fact that they could easily be sued if a person gets injured on their property and one of the problems is that homeowners insurance won’t cover this. Most landlords think that as long as they have homeowners insurance they will be fine but the problem lies in that they don’t actually live at the property and they are earning an income from it. As long as you are earning an income off a property and you don’t live there homeowners insurance won’t cover anything, that is where landlord insurance comes into play. My advice to you is if you don’t have landlord insurance then you should get it right now.
The last thing you need to understand about landlord insurance or contents insurance is that it is not as expensive as you may think. Most people think that landlord insurance is very expensive when in reality it is pennies compared to what it would cost you to make a repair to your investment property. For many people once they are introduced to landlord insurance there really is nothing better for them to spend their money on, it keeps their investment safe, they don’t have to worry about a fire or flood, and best of all if the tenant were to do anything to ruin the property their landlord insurance would most likely kick in.
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