I’m already Landlord, do I need insurance?
I’m already Landlord, do I need insurance? Finally, after long years of effort, you have managed to buy a second property that you want to rent and thus become a Landlord.
You do well. Renting is a business that, well run, makes great profits.
On the one hand, the rent will help pay the mortgage and the expenses generated by having a house and on the other, the property is one of the few assets with the passage of time.
Rent, unlike other businesses, is not taxed by self-employment tax, and although you must pay a tax on it, it is always possible to deduct home depreciation, maintenance, and property insurance.
The house, like any other property, must be protected. It is key to have a landlord’s insurance that protects it if it is damaged in a fire, a hurricane, or any other accident.
If the property you are renting has a garage or other separate structure, to fully insure it you may need the Other Structures Policy.
Also, some houses are rented furnished. If this is your case, you should have coverage to protect your personal effects.
There is an essential policy that you should not overlook when renting the property. It is the Owner’s Civil Liability Insurance. Keep in mind that if the tenant or another person suffers an accident inside the house, a legal claim could arise against you.
One piece of advice that does not hurt, remember that whoever does business with property must ensure that none of its structures offer danger to its occupants, be it the stairs, the walls, the floor. You must ensure that the ventilation, electrical and plumbing systems work properly without causing any potential harm to the tenant.
If a problem arises, with any system of the house or structure, the Landlord must solve it as soon as possible so as not to jeopardize the quality of life of those who rent the property. In many of those moments, you will have to resort to insurance. I’m already Landlord, do I need insurance?
So of course, if you plan to rent your second home, call Univista Insurance and you will get cheap insurance that protects your property and your business against potential lawsuits.