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Landlords Rental Insurance Traps

ll-3Renters insurance has a wide range of coverage, including residential, commercial, multiple dwellings, vacation rentals, rental businesses, student renters and vacant property and landlords rental insurance holds a series of traps.

The associated risks for those who are renting property are significant and different from that of individual policyholders who own and occupy their own property. Landlords are caught up taking unnecessary risks when they consider the idea of purchasing insurance coverage and there are instances when they are not informed or are unaware that renter’s property insurance is available for their specific needs.

Getting the right information and keeping updated on rental coverage is the first step to protecting you and your family from any trouble, loss or damages that might arise. Whether you are a landlord or a tenant, you should be informed when it comes to getting the best renters property insurance.

TLandlords must be aware that other than your property, you should also consider third-party liability and employees (gardeners, caretaker, and maintenance personnel). Property owner’s liability is usually taken for granted, and is a trap, which should not be the case as third party liabilities pose a major risk for property owners. Slash Your Home Insurance Premiums. Search for Lower Rates

Landlords must be aware that other than your property, you should also consider third-party liability and employees (gardeners, caretaker, and maintenance personnel). Property owner’s liability is usually taken for granted, and is a trap, which should not be the case as third party liabilities pose a major risk for property owners.

When landlords review insurance policies it’s important that rental coverage includes third party coverage. Employer’s liability for even those who operate small or part-time rentals should consider this coverage. It is mainly responsible for claims of your employees or contractors who suffer an injury or die while at work on your property.

Landlord coverage is a standard policy that property owners purchase under renters property insurance. It covers damages or losses on properties that have been leased or rented by landlords. Under this coverage, you can choose from actual cash value or replacement cost of the damaged building or structure.

Tenants also have obligations or should bear in mind that their landlord’s insurance does not protect their personal belongings. They should purchase a renters insurance policy if they want their personal belongings covered. The coverage for tenants includes protection from damage of personal belongings such as gadgets, computers, clothing, equipment, furniture and many other items.

There is also personal liability coverage, which is for the tenant’s financial security and protection. When a person or a non-family member gets hurt or injured while in the vicinity of your home, you will be liable for expenses and medical bills, salary lost due to hospitalization or recuperation. If your apologies are not enough, they may even file a lawsuit against you.

Tenants are responsible for insuring their personal belongings while landlords are responsible for insuring the house or dwelling, which are totally different insurance policies. For commercial rentals, the usual practice is that the landlord insures the building and is also responsible for collecting insurance premiums from tenants.

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