If you’re a property owner, who rents out places like homes and apartments, it’s important that you have landlord insurance. This insurance is meant to protect you against a number of incidents that you’d least expect. Many property owners have had homes suffer fire damage, flood damage, break-ins, and so forth. The incidents that are covered by your insurance will depend on the coverage options you pick and the insurance company you choose. Let’s take a look at the number of things covered by Landlord Insurance in Ann Arbor.
The most obvious coverage to have is for property damage. This type of coverage is there to protect you and your property from damages caused by burglaries, mother nature, and fires. Insurance companies even provide coverage for damages made by tenants on accident or on purpose. It’s important that your policy allows for your belongings and property to be replaced and repaired, or that you receive compensation in the event that there’s a total loss.
Although many property owners overlook this type of coverage, liability insurance is a must. You could be facing a huge legal problem if someone injures themselves while on your property. It doesn’t matter if the person is a guest or a trespasser. The person may slip and fall on a wet floor, have a piece of the property fall on them, or have something else happen that no one expected. If you’re found liable for this incident, you could be forced to pay medical bills, funeral costs, court and legal fees, and a huge settlement amount. Thankfully liability Landlord Insurance in Ann Arbor can work to protect you against these types of financial problems.
What will happen to your business if a terrible fire or thunder storm tears through your apartment complex or renter’s home? Often times these places become inhabitable for several months or indefinitely. While the property is being rebuilt you’ll be out of your usual income. With landlord and Home Insurance in Ann Arbor you won’t have to worry about the money you’ll lose. With the right policy insurance companies will work to supplement your income until you’re back on your feet. Talk to your insurance company today to learn about the details of your policy.