Marble has raised a $2M seed round! Read about it on Geekwire.
Landlords have a lot of responsibilities- one of which is making sure that they have the proper insurance in place. In this blog post, we will discuss the different types of insurance that landlords should consider and what each one covers. We will also provide tips on how to find the best rates for landlord insurance. So whether you are just starting out as a landlord or you have been renting properties for years, be sure to read this post!
There are several types of insurance that landlords should consider, including property damage, liability, and rental income protection, as well as renter's insurance for your tenants. Let's take a closer look at each one:
This type of insurance covers the physical structure of your property in the event of a fire, storm, or other natural disaster. It is important to note that property damage insurance does not cover the contents of your property- you will need to purchase separate coverage for that.
This type of insurance protects you from any legal claims that may be made against you as a landlord. For example, if someone is injured on your property, they may sue you for damages. Liability insurance can also help protect you if your tenant damages someone else's property.
If your property is damaged or becomes uninhabitable, this type of insurance will help cover the loss of rental income. This can be helpful if you are not able to rent out your property while it is being repaired or if you have to evict tenants for some reason.
You'll need to make sure your tenant has an insurance policy to protect your belongings. The structure of your landlord's property insurance coverage extends only to the building; whether it's an apartment, a house, or a duplex. Your renter's personal belongings and some liabilities, on the other hand, are covered only by a renter's insurance policy that you must locate and pay for as a renter. While almost every homeowner has homeowners insurance, just 41% of renters have renter's insurance. We recommend requiring renter's insurance on your lease agreements.
Landlords should consider purchasing property damage, liability, and rental income protection insurance, as well as requiring renter's insurance for your tenants. Insurance can be a complex topic for landlords and homeowners, but following the above points should keep you covered!
Create your account for free and a Marble representative will walk you through everything.