I’m already a Landlord, do I need insurance?

I’m already a Landlord, do I need insurance? Finally, after years of hard work, you have managed to buy a second property that you want to rent out and become a Landlord.

You’re doing the right thing. Renting is a business that, if managed well, yields great profits.

On the one hand, the rent will help pay the mortgage and the expenses generated by owning a house, and on the other hand, property is one of the few assets that gains value over time.

Unlike other businesses, rental income is not subject to self-employment tax. And although you must pay tax on it, it’s always possible to deduct the house’s depreciation, maintenance, and property insurance.

The house, like any other asset, must be protected. It’s essential to have landlord insurance that safeguards it if it’s damaged in a fire, hurricane, or any other accident.

If the property you’re renting out has a garage or other separate structure, you may need an Other Structures policy to fully insure it.

Also, some houses are rented out furnished. If this is your case, you should have coverage to protect your personal effects.

There’s an essential policy you shouldn’t overlook when renting out your property. It’s the Landlord Liability Insurance. Keep in mind that if the tenant or someone else is injured in the house, a legal claim against you could arise.

A piece of advice that doesn’t hurt to keep in mind is that whoever does business with a property must ensure that none of its structures poses a danger to its occupants, whether it’s the stairs, walls, or floor. You must ensure that ventilation, electrical systems, and pipes work correctly without causing any potential harm to the tenant.

If any problems arise with any system of the house or structure, the Landlord must solve it as soon as possible not to put the tenant’s quality of life at risk. In many of these moments, you will have to resort to insurance.

So, if you’re thinking of renting out your second home, call Univista Insurance and get cheap insurance that protects your property and your business against potential lawsuits. I’m already a Landlord, do I need insurance?

Call us today for a full qualification! (305) 267-7138. You can also quote for free here.