Contents Insurance Crucial for Your Rental Property?
landlord contents insurance is a type of insurance coverage that compensates a landlord for property loss or damage. Contents insurance usually covers any fixtures, appliances, furnishings on the rental property that belong to you.
There are two types of contents insurance for landlords. Landlord contents coverage usually insures the landlord’s property in an amount ranging from $10,000 to $50,000.
As a landlord, you may be wondering whether landlord contents insurance is a worthwhile .
Choose Standard Landlord Contents Insurance if You Want Basic Protection
A standard policy typically protects you from damage caused to furnishings, appliances and fixtures during the normal course of a tenancy.
This coverage usually applies to normal wear and tear only.
Go for Accidental Landlord Contents Insurance if You Want More Protection
In contrast to standard insurance, accidental coverage will pay insurance proceeds for damages that may occur due to tenant negligence and other types of accidents or disasters. For instance, this type of coverage might apply if a tenant rips your sofa when moving out of the property or if a fire out break destroys your furnishings and fixtures.
Most insurance policies will provide coverage in the event of theft or vandalism, tenant negligence, fires, floods, storms, and explosions.
Landlord insurance will only cover furnishings that are provided by the landlord. If your tenant wants coverage for his or her own belongings, then they must buy a separate renter’s insurance policy.
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There are two types of contents insurance for landlords. Landlord contents coverage usually insures the landlord’s property in an amount ranging from $10,000 to $50,000.
As a landlord, you may be wondering whether landlord contents insurance is a worthwhile .
Choose Standard Landlord Contents Insurance if You Want Basic Protection
A standard policy typically protects you from damage caused to furnishings, appliances and fixtures during the normal course of a tenancy.
This coverage usually applies to normal wear and tear only.
Go for Accidental Landlord Contents Insurance if You Want More Protection
In contrast to standard insurance, accidental coverage will pay insurance proceeds for damages that may occur due to tenant negligence and other types of accidents or disasters. For instance, this type of coverage might apply if a tenant rips your sofa when moving out of the property or if a fire out break destroys your furnishings and fixtures.
Most insurance policies will provide coverage in the event of theft or vandalism, tenant negligence, fires, floods, storms, and explosions.
Landlord insurance will only cover furnishings that are provided by the landlord. If your tenant wants coverage for his or her own belongings, then they must buy a separate renter’s insurance policy.
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