Understanding Rental Property Insurance

Understanding Rental Property Insurance

Everyone who owns or manages properties knows that they can be a great financial investment and provide residual income. They can also carry some risks, and without the right Connecticut insurance to protect against these risks, your rental properties could quickly turn into a financial disaster.

Common Risks for Property Owners & Managers

Just like the home that you live in, your rental properties are at risk for natural disasters, but there is also a danger of damage from the tenants that occupy the property. The right rental property insurance can protect you from all these perils, including:

  • Natural disasters like hail, storms, and hurricanes
  • Common household dangers like fire
  • Vandalism or damage from tenants who reside at the property
  • Liability coverage in case potential or existing tenants decide to bring a lawsuit against you

What Rental Property Insurance Covers

This type of Connecticut insurance covers all types of rental properties, including single-family homes, duplexes, and other multi-family units. In addition, it covers for other items on the property, such as a detached garage, shed, or storage area, and items that you own inside the home, such as appliances. It protects against claims for damage or injury, and can even provide you with income if your property is damaged and cannot be rented for a period of time. As a landlord you are probably juggling quite a few different things – from repairs and renovations to finding tenants and collecting rent. Rental property insurance can help remove concerns about financial losses due to unforeseen events so you can focus more of your energy on the things that will help make your investment pay off.

 

photo credit: Hurricane Irene Reaches New York City (license)

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