Coverage is Key: Don’t Go Unprotected As a landlord, it is critically important that you have the right insurance to protect you, your property, and your tenants. Your tenants will also need their own renter’s insurance to cover any damage to their personal belongings, but you will also need a separate policy to protect you and cover the cost of damages to your property. Also, keep in mind that even if you already have a homeowner’s insurance policy for your investment property, it might not cover everything. You will likely still need to get a specific landlord insurance policy. This can provide coverage in case of: Property damage: This includes coverage for damage caused by tenants, natural disasters, storms, fires, theft, and vandalism. Legal liability: Covers legal costs and medical payments for tenants or visitors who get injured while on your property. Financial loss: This provides coverage (financial compensation) if you suffer loss of income due to tenants having to leave your property as a result of damage. For a more detailed breakdown, visit our blog: https://lnkd.in/eByR_kY5 #kangapropertymanagement #maximizeyourrental #realestateinvesting #westpalmbeachrealestate #propertymanagement #rentalproperty
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