Everything you need to know about landlord insurance
Becoming a landlord can be a great financial option for a lot of people. It’s a consistent way to make your money work for you and buying real estate is almost always a safe investment. Like any other big investment, you’ll want insurance to protect you against unexpected losses. Of course, buying property that you plan to rent out in Edmonton, Calgary, or anywhere else in Alberta is always a risk. That’s why purchasing landlord or property insurance from us at Millennium Insurance Corporation in the Edmonton area is a great way to have peace of mind when it comes to your property.
What’s usually covered with landlord insurance?
Landlord insurance protects you, the property owner, from unexpected losses due to events outside of your control. Obviously, this can mean a lot of different things. Any landlord insurance worth the name, however, will protect you in these two ways, at the very least:
This coverage protects the physical aspects of your property, should they become damaged. This would include any buildings on your property as well as equipment you store there to make repairs.
General liability insurance protects you in the event of someone injuring himself or herself on your property.
Can I get additional coverage?
Of course, a lot more can go wrong with being a landlord that you may want to protect yourself against. You should consult with an insurance expert to find out exactly what kinds of coverage are best for your specific situation. Just a few of the most common additional kinds of coverage landlords opt for include:
- Vandalism and burglary
No landlord actively wants something bad to happen to his or her property. Sometimes, however, even our best efforts don’t prevent determined criminals from destroying, defacing, or stealing our property. Luckily, landlord insurance can cover you in these situations.
- Loss of income
You want your investment to make you money rather than costing it. Yet, if an unexpected disaster happens and you’re unable to collect rent on your property, the investment you’ve made can quickly become a burden. Loss of income insurance protects your Edmonton property from such loss of income for a period of time.
- Non-payment of rent
When it comes to tenants, you’re always going to be taking a risk. You try to screen them as much as you can but you can never be entirely certain. Fortunately, you can get covered for the loss of income due to the non-payment of rent.
Visit us today at Millennium Insurance Corporation if you’re interested in learning more about landlord or property insurance in the Edmonton area. One of our friendly experts will be happy to explain all the ways you can protect your investment.