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| Is Landlord Contents Insurance Crucial for Your Rental Property? |
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| Written by Teo Zhenjie |
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On the other hand, if you provide a fully furnished rental property for your tenants, it may be a good idea to purchase this type of coverage. This way any damages to furniture and fixtures can be paid for by your insurer. This coverage usually applies to normal wear and tear only. Go for Accidental Landlord Contents Insurance if You Want More Protection In contrast to standard insurance, accidental coverage will pay insurance proceeds for damages that may occur due to tenant negligence and other types of accidents or disasters. For instance, this type of coverage might apply if a tenant rips your sofa when moving out of the property or if a fire out break destroys your furnishings and fixtures. Most insurance policies will provide coverage in the event of theft or vandalism, tenant negligence, fires, floods, storms, and explosions. Just to be sure, it's important to read the fine print before purchasing a policy. You will also want to find out whether outdoor structures are covered. For example will you be compensated if your tenant accidentally damages the fence with her car? Landlord insurance will only cover furnishings that are provided by the landlord. If your tenant wants coverage for his or her own belongings, then they must buy a separate renter's insurance policy. Should You Purchase Landlord Contents Insurance for Your Rental Property? In most cases, a standard or comprehensive contents insurance policy is not necessary unless the landlord provides most or all of the furnishings for a tenant. For unfurnished properties, simply make sure that you collect enough security deposit to cover daily wear and tear. On the other hand, an accidental policy is a good idea to protect your fixtures and appliances in case of accidental damage or natural disaster. Teo Zhenjie |
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