So you’re considering becoming a landlord. It’s important to remember first and foremost that being a landlord is a big responsibility and a lot of work. It can also be very rewarding and help you to pay off your mortgage. The important thing to remember is that your tenants are people who make mistakes and have lives and needs just like you do. You need to make sure that you mesh well with your renters and that you both understand all of the caveats that come with renting a home/condo/apartment. You’ll also need to make sure that both you and your tenant are properly insured in case of an accident, disaster, or destruction of property. Some of the following tips will help you and your tenants become more insurance savvy!
What Insurance Will Protect Landlords and Renters?
- Landlord Requirements – Having home insurance is absolutely necessary as a landlord in case anything happens that is beyond your control. We suggest that landlords carry “building, income protection, and general liability” insurance as well as other optional choices.
- Renter Requirements – Surprisingly, there is no requirement for renters to have insurance. You’ll find that most leasing offices and landlords do require renter’s insurance, though. It’s generally inexpensive and can help protect both you and the renter. Most tenants will purchase insurance that covers all of their assets that they keep in the apartment in case of fire, flood, or other natural disasters. Having this type of insurance prevents headaches down the road for you and your tenants.
Make sure that you talk to your insurance agent before making any decisions. It’s important to remember that being a landlord is a big responsibility. It helps to sit down and have a thorough discussion about insurance as well as any other issues that are important to you before your new tenants sign a lease or move in. Get everything down on paper and make sure that you and your new tenants have open lines of communication.
Home Owner’s Insurance from Wachter Insurance
At Wachter Insurance Agency, we take the time to get to know you and find out more about what kind of coverage you need. We’re local to the Frederick area and can better understand your situation and needs. We are a family owned and operated facility, right down to the 3rd generation. We’re an independent agency representing the ERIE Insurance Group, Progressive, AIC – Agency Insurance Co., Foremost, Chesapeake Employers Insurance, and Wright Flood. Our offerings include auto, home, motorcycle, boat, flood, business and life insurance coverage. If you have any questions about homeowner’s insurance or business insurance, or if you’d simply like to talk to a representative, please feel free to contact us at 301.371.6335.
Source: ErieSense
