Building's Insurance

Your building's insurance should be up to date, or you won't be able to collect on the policy if something bad happens. It can be worthwhile to review each building's policy on a quarterly or yearly basis, just to make sure that the policy is still relevant and does everything you want it to do. After all, you don't want to get caught with a policy that doesn't meet your or your renter's needs.

Options for Your Building's Insurance

There are several different options that you might be offered for your building's insurance. These are pretty basic types of coverage, though you can still choose not to have one or more of them if you don't want it. However, not having the insurance coverage can leave you with a gap in your building's coverage that could be expensive later on.

First of all, your building content insurance should cover the damage or destruction of the structure itself. This means that, if there is a storm and the roof comes off, or a pipe bursts and you have to replace the floor and some walls, you don't have to pay for everything on your own. Since the cost of damage like this can add up quite quickly, you'll absolutely want this type of coverage. This is especially true if you have renters, since they can occasionally be unreliable and might forget to do something, like turn off the water.

Next, your building's insurance should also cover any of your possessions that are inside. While the policy may not cover your renter's belongings (they can usually get their own policy to achieve that goal), you will want to make sure that yours are covered. If you're renting out apartments, this might mean covering any kitchen appliances and bathroom fixtures that you installed. It can also mean office furniture, if you're offering a furnished office. No matter what, you should have insurance enough to cover everything you own inside the building.

Finally, any insurance you have in your building should offer liability protection for you, in case someone is injured on the property and the courts choose to hold you responsible. As a landlord, you're responsible for keeping the premises free from dangers and safe for the residents. If you cannot fix something quickly and someone gets injured, you don't want to be held financially liable for any medical bills or other costs that result from that. While this is a worst-case scenario, things do happen like this more often than you might think.

When you review your building's policy, make sure to note anything that is not covered. For instance, if the rental property is in a location where forest fires are common, your insurance may not cover damage that occurs in that way. Sometimes, though, you can buy an extra policy in case one occurs. Thus, it can pay off to check these things out.

How to Update Your Building's Insurance

If your building's insurance doesn't cover all of the things listed above, it's probably time to get a new policy. After all, you don't want to be hurt because you chose to hang on to a policy that's out of date. The first thing you need to do to get a new policy in your building's name is to search on this website for insurance providers near you. When you do this search online, you'll be connected with different companies who offer coverage in your area, so you won't have to find each one individually and figure out how to contact them directly.

Make sure you get several quotes on your building's insurance before you choose to buy it. That way, you can compare the prices and policies that different companies are willing to offer you and choose the one that will work best for you. You should feel good about your building's coverage, even if you cannot afford the best policy out there. You should have confidence in the company and know that you can count on them if you need them.

Go over the insurance quotes carefully. Make sure all of your building's information is correct, as well as your own, before you buy anything. Then, once you know which policy is the best for you, buy it in confidence.

If you're not sure about the details of your building's insurance, there's no time like the present to check out the policy. While it's up to you to choose the types and amounts of coverage that you get for each rental property or house, the types mentioned above are pretty basic and you will probably want them, even if you choose policies with high deductibles. That way, you'll be able to relax, because you'll know that you do not bear the financial responsibility of being a landlord alone.

Landlord Insurance Properties