If you have a property that you rent out it is imperative that you have a California Landlord Insurance policy to cover any losses you run up against. The only variable is the kind of insurance that should be acquired, and that depends on the property being insured and the location in question. What does a California Landlord Insurance policy entail?
Many Reasons for Landlord Insurance
We will be touching on what should be included in your California Landlord Insurance policy, especially if you are a homeowner who is renting out a private home to others.
* Coverage against natural disasters: You know where you live, and you can predict the disasters that could occur in that place. If you don’t, do yourself a favor and get a list of the disasters that have taken place in that community over the past hundred, or even thousand years. (Not to scare you, but if it has happened before, it can happen again.) For example, if your property is in an area where flooding is possible, getting flood insurance may be a good idea. A normal homeowner policy won’t cover your loss for much of anything beyond a broken pipe in the house.
* Coverage against malicious destruction: Don’t deceive yourself into thinking that everyone has a maintenance culture. In a very short time people can make a palace look like a refugee camp. Here, homeowners insurance can’t help you. Homeowners insurance can’t help you get the value of your defaced property back after it has been destroyed by renters. On the other hand, landlord insurance can. Among other things, coverage against residents’ malicious destruction differentiates landlord insurance from homeowners insurance.
Other things to consider for a California Landlord Insurance Policy?
* Coverage against loss of rent: If you didn’t already know, California is made up of a great deal of very clever people. Unfortunately, not everyone puts this intelligence to positive use and, as such, a tenant could vanish with your rent, leaving you empty handed. In that case, you can fall on your insurers to provide the amount.
* Coverage against liability: In a place like California, where lawyers are man’s best friend, you could easily be sued for your tenant’s injury or discomfort caused by your structure. Again, you could fall on your insurers to sort out the tenant’s complaint and compensate them for any monetary damages awarded by a court.
Indeed, landlord insurance is generally more expensive than homeowners insurance but, then again, the former tends to be more comprehensive than the latter. So when next you decide to give out your house for some time, don’t fail to get insurance, especially if it has to do with a California Landlord Insurance. National Insurance Solutions offers landlord insurance quotes from many of the nation’s best carriers. Contact us today for your quote.
