5 Reasons Why Landlord's Insurance Is A Cost You Won't Regret

Do I really need landlord's insurance, or can I save by not shelling out for it? It's a question that's probably crossed every property investor's mind at some point. The answer? A resounding yes.
 
 
Spread the Word
Listed Under

Tag:
#Getlandlordsinsurance

Industry:
Real Estate

Location:
Central District - Hong Kong Island - Hong Kong

Subject:
Websites

CENTRAL DISTRICT, Hong Kong - July 5, 2020 - PRLog -- Need specifics? Here are all the possible circumstances landlord's insurance will cover you for.

1. If your tenants' circumstances change

Even if you've done your due diligence and picked the best tenant, you're still not guaranteed smooth sailing. "Your tenant's circumstances can change and that can affect them financially or how they look after the place," says Valentic.

And, if you're in the business of short-term rentals or holiday homes, that's even more true – particularly as you will be doing less background research on the tenant at the start.

A landlord's insurance policy designed specifically for short-term rentals, like Terri Scheer Short Stay Policy, will ensure you're covered should anything happen.

2. In the event of an accident

The next thing landlord's insurance will cover you for are unexpected natural disasters or accidents in the home. Breaking or leaking water pipes, and area fires and floods can and do happen. And insurance will have your back.

"It gives the owners peace of mind, knowing they can continue to cover their mortgage while they're going through this stress," says Valentic. "They have the insurance there as a safety net."

3. If your tenant has pets

Pets can be another big (but adorable) issue for landlords. "More and more tenants are having pets in their property and they can cause damage to floors and gardens," says Valentic.

"We're finding more insurance companies are actually increasing the benefits they are now paying out for damaged caused by pets in properties."

4. If your property is being sublet

Subletting is another potential problem for landlords. If your tenants have organised someone who isn't on the lease to live in the property, they won't have met you and might not treat the property as well as someone who has.

Plus, without being on the lease, they can avoid becoming accountable for any damages. "That's where insurance can assist you as well," says Valentic.

5. Any out-of-pocket incidentals

And finally, landlord's insurance will cover you for any minor incidentals that may come up.

Say, for instance, your tenant had to move out unexpectedly. The insurance will cover for the loss of rent, as well as for any cleaning, repairing, leasing and advertising fees you may be subjected to, says Valentic.

Moral of the story? Get landlord's insurance.

Contact Info

Housing Market Group

Hongkong

Phone: +852 5993 6777

Website: https://housingmarketgroup.com

Media Contact
Housing Market Group
pr@housingmarketgroup.com
+852 5993 6777
End
Email:***@housingmarketgroup.com
Tags:#Getlandlordsinsurance
Industry:Real Estate
Location:Central District - Hong Kong Island - Hong Kong
Subject:Websites
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Housing Market Group PRs
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share