Education and news for smart DIY landlords!
As a landlord, it is important to safeguard yourself from the possibility of financial loss or being held liable while you rent out your property to tenants. Situations that lead to this include but are not limited to property damage, nonpayment of rent, theft, and accidents/injuries on the part of the tenant.
In this article, we are going to tackle the topic on insurance issues.
The law does not require landlords to have insurance although it is highly encouraged so that you get coverage in case something happens to or within your rental property.
1. What are the 3 different kinds of insurance I need to consider if I rent out my property?
2. Should I require my tenant to show proof of his renter's insurance?
3. What are other issues I need to ask my insurance broker about?
Let's talk about the first of these 3 questions. What are the 3 different kinds of insurance I need to consider if I rent out my property?
They are the following:
To get answers to the remaining questions, existing Landlord Prep students should log-in to the module entitled Between Tenants - Things to Do Before Renting (Insurance).
Not a member yet? Join the Landlord Prep: Video E-Course and How-To Tutorials so you can access this module and get the complete DIY landlording course. This will help you stay knowledgeable and confident as a landlord.