raaman
Valued Contributor
1. Decide Correct Coverage: Assess what type and amount of coverage you need based on the value of the rental property, number of units, place, age of the building, etc. Common coverage’s to consider are residence, liability, loss of rents, and floods if relevant.
2. Shop about: Get quotes from several insurance companies that provide landlord policies. Rates can vary considerably between providers for the same coverage. Match limits, deductibles, and exclusions cautiously.
3. Involve Tenant Insurance: Ask all tenants obtain a renters insurance policy. This protects their possessions and can provide liability coverage if they cause damage to your property.
4. Consider Protection Policy: For higher liability limits, have an umbrella policy that extends beyond the limits of your primary landlord policy if a claim exceeds those limits.
2. Shop about: Get quotes from several insurance companies that provide landlord policies. Rates can vary considerably between providers for the same coverage. Match limits, deductibles, and exclusions cautiously.
3. Involve Tenant Insurance: Ask all tenants obtain a renters insurance policy. This protects their possessions and can provide liability coverage if they cause damage to your property.
4. Consider Protection Policy: For higher liability limits, have an umbrella policy that extends beyond the limits of your primary landlord policy if a claim exceeds those limits.
