Massachusetts Landlord Insurance

Massachusetts landlord insurance is great at protecting a landlord's livelihood from causing financial disaster. Whether that disaster is fire, earthquake, flood, or another peril that could cause destruction or extensive damage to the rental property, the landlord's financial well-being is being taken care of. It has to be because renting property to renters is a source of income.

But what if you rent to Housing Association tenants? These are tenants in Massachusetts that are different than those you are used to renting to. You are used to renting to those who respond to an ad or a sign that you have put out. Your typical renter puts up a security deposit and the first month's rent and that is it. They then move in when they're ready.

Housing Association Tenants

There are two types of housing association tenants. There are those that have a lease agreement that is between the landlord and the housing association and then there are those who have a lease agreement between themselves and the landlord. If the agreement is with the housing association, then it is the housing association that is renting the property on behalf of the tenant.

The tenant type is going to dictate what kind of Massachusetts landlord insurance you qualify for and how much it is going to cost you. As for the two different types of housing association tenants, there is a reason why they are so different. And believe it or not, having a lease agreement with a Massachusetts housing association is not as beneficial as having a lease agreement with the tenant. This is because you can check out the tenant as much as you want to when you are in agreement with them. When in an agreement with the Massachusetts housing association that is placing the tenant, you do not have that flexibility and this is going to affect the landlord house insurance you have on the home.

When the Massachusetts landlord insurance company learns that the tenants are housing association tenants, they will rate these tenants higher than someone who has a job or is retired. This is because records have shown that these individuals are less likely to look after the property. They are not even all that likely to get contents insurance on their own property in order to protect it. If something happens, they just move elsewhere and then put another landlord at risk. However, this is to not say that all individuals in Massachusetts going through a housing association is going to be negligent because they're not.

At one time, housing association tenants were sought after in Massachusetts. This is because a landlord would receive the rent directly from the association rather than the tenant, resulting in the rent being paid the same time each month. This has changed amongst landlords, though, because of the fact that Massachusetts landlord insurance does have to charge more when accommodating housing association tenants.

But you can't let the fact that your Massachusetts landlord insurance may charge you more deter you from renting to these individuals. A vacant property is worse than having a poor renter. Think about how the amount lost each month is in no way going to exceed the cost of your insurance policy premium each month. You are losing more money not getting the rental income at all.

Landlord Property Insurance Details

So now that you have established why it may not be a bad idea to rent to housing association individuals in comparison to the property being vacant for a long period of time, you should know how your Massachusetts landlord insurance protects you.

But first, you must evaluate if your Massachusetts landlord coverage has malicious damage coverage, which is coverage that will cover the malicious damaging of the property by the tenants. There are strict qualifications with this type of coverage, so you will need to review those qualifications and criteria for a claim.

But what you will get with your Massachusetts landlord insurance is the ability to use insurance quotes to find the best policy for you. You are also protecting your property in case of fire or another peril that destroys or severely damages it. You then place a claim with your Massachusetts landlord insurance company and they will move forward with the process of verifying and valuate the damage in order to compensate for it.

In the end, you will find at least one occasion in which you will need to use your Massachusetts landlord insurance. You will notice, however, that the amount that you pay for your insurance premium doesn't exceed the amount of money that the insurer will pay for the damages that you incur. It is this way because you should not have to pay for something that is not your fault, especially when it influences your income.

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