If you are a landlord of a beautiful house, apartment building or a condo, then you need to protect it from damages and defaulting tenants as well as other problems with the help of a landlord insurance. In such situations, its’s necessary to find the best landlord insurance company which is not only reliable but also provides reasonable insurance rates. So here are some tips which will help you to get the best landlord insurance quote.
1. Know Your Current Rental Property Values
The first thing to check while going for a landlord insurance is to know the current value of your house or building which you are renting out to tenants. If your investment property has a high rental value, then the chances are you’ll need a high rate of insurance policy. Similarly, if your rental value is low, then your insurance quote will also below.
2. Give a Copy of Your Tenancy Agreement to Your Agent
By giving a copy of your tenancy agreement, the agent will get to know all the responsibilities as well as the duties of the tenant. By going through the duties and responsibilities, the agent can make an estimate of the risks faced by the landlord from the tenant. Thus, the agent will quote accordingly.
3. List All Additional Structure
If you have an additional structure like swimming pool, garages or storage buildings, then list them as well while filling up your landlord insurance form. When the agent will get to know all the structures on your property, only then can he select the specific landlord insurance quote which is suited for you. If you do not list all the additional properties, then only your building will be insured which can create huge problems for landlords if your garage gets damaged during a flood or fire. So it’s always better to let the insurance company know the exact contents of your property.
4. List Any Equipment That Can Cause Injuries
When you are going for the best value landlord insurance always mention if you have a gym, basketball court or a swimming pool through which your tenants can get hurt or injured, because if your tenant gets injured, he or she might blame the landlord for the injuries. In a scenario like this, landlords can go for public liability insurance coverage in the landlord insurance package. For such packages, insurance quotes will be a bit high.
5. Mention All The Safety Features
While applying for insurance for your rented property, make sure you mention all the safety features such as fire sprinklers, burglar alarms, motion sensors you have on your property. Since these safety features make your property safer, so the insurance company can go for low insurance quotes. Similarly, if the safety features are not there, then your house is riskier and you will have to pay higher insurance premiums.
Now that you know the do’s and don’t’s of landlord insurance, contact your nearest insurance agent and get a quick landlord property insurance quote for your property.
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