Whether you are a landlord of several properties or are simply renting your extra space for the summer, do not forget Landlord insurance. There is much at risk and elements that you may not have considered when it comes to liability and insurance requirements. Wellspring Insurance Network Inc. provides insurance for homeowners in various situations in and around Frederick, MD.
What Are You Responsible for as Landlord?
The question of your rights and responsibilities as a landlord clears up why insurance is so important. In short, you could end up responsible (liable) for just about any situation your tenant is involved in while they rent from you. Yes, they should have renters insurance but that only covers so much and it is not unheard of for lawyers to go after the landlord in different situations where a tenant cannot pay. Whether a tenants dog bit someone, or their guest injured themselves on the property no matter the situation the liability could fall right on your lap. Full coverage landlord insurance can give you peace of mind when it comes to renting out your properties.
Landlord insurance does not just protect you from lawsuit type situations, you need coverage for the event of a natural disaster or even a "disaster" renter who makes the home inhabitable until repairs are made, in some cases insurance can even cover the loss of income from that time lost. Also note that if you are simply relying on your established homeowner’s insurance policy, it may be voided by the fact that you no longer live in the home. Each situation varies and it is important to talk to a knowledgeable agent.
Contact us to discuss your Landlord Insurance needs. At Wellspring Insurance Network Inc. we proudly provide insurance to residents in and around Frederick, MD.