As a landlord, safety and protection is always your number one priority, especially when it comes to renting out your home While you want to ensure any tenants have renters insurance, and even though you may have homeowners insurance already, a New Jersey Landlord Insurance policy is the best option for coverage on your rental property.
While homeowners insurance may cover the occasional temporary rental, it is designed for owner-occupied, single family living. Once the home becomes a rental property, this coverage no longer applies. This is where Landlord Insurance comes in.
Though a basic landlord policy may not be as broad as a homeowner’s insurance policy, it does cover the house itself, structures on the property, the homeowner’s possessions (renters insurance will cover the tenants possessions), and liability in case of an injury or lawsuit and may sometimes include lost rental income in the case of damage causing the house to be uninhabitable.
The fact is that tenants typically don’t care for the property in the same way that the owner would. They tend to be less likely to notice if there is damage to the home, or to fix or report any maintenance needs that arise during the course of their tenancy. This lack of care and maintenance can lead to severe damage to the structure, and even lead to injuries of your tenants or their guests. This poses a greater risk to the homeowner as well as the insurer, who deals with the increased number of claims that come from rental properties.
Being a landlord comes with many responsibilities as well as an increase in liability for your tenants. Doing a little research and knowing about all of the different risks involved and the steps to take in order to protect yourself in the event of any loss is one of the best things you can do.
At Connell Insurance Agency, we know how important it is to make sure that you and your rental property are properly covered. Call us today to learn more about our Landlord Insurance policies and how we can help you protect you and your home. 888.590.0715