Having insurance is a very important way to protect your property. Most people think about insuring their primary home, and renters often get insurance to protect their belongings. However, if you have investment properties in the Delaware County area, neither one of those policies will work for the protection of those homes or apartments.
Instead, property owners need landlord insurance coverage. These kinds of policies are designed to protect properties operated as rental homes. They have different coverage limits and options and may also be priced differently from standard homeowner's coverage.
Even if this type of policy is more expensive, or you're not sure whether it offers you the right coverage, you don't want to risk renting out a property that isn't fully insured. Here's what you need to know about the value of this coverage and who to work with to get the right limits and coverage amounts for your particular properties.
Landlord Insurance Policies Offer Important Protection
The most important thing to know about landlord insurance policies is that they cover your investment properties to protect you from financial loss, lawsuits, and other risks. The goal is to make sure you not only have the correct type of policy but that you also have the right level of coverage. 
In other words, you don't want to have anything other than a landlord policy (like a homeowners policy) on your rental properties. Property owners must also be sure the coverage is enough to fully protect them from the most common types of losses.
If you're not prepared with adequate coverage, you could see your claim denied, which could cost you significant time, money, and stress.
Protect Yourself From a Loss of Income
Protecting yourself from a loss of income is one of the biggest reasons to have landlord insurance. Not only do you want to make sure that damage to, or loss of, your property will be compensated, but you want to make sure you're also receiving compensation for the income you'll lose during that time.
Quality coverage with the right policy can help mitigate any income loss, so you aren't losing out on that money due to no fault of your own. This can be particularly important if the property is badly damaged and will take significant time to repair since that will mean you won't have rental income from it for some time.
Reduce Your Liability Risk
Liability is another reason to have landlord insurance. If someone is injured at the investment property, they could potentially sue you for negligent or unsafe conditions. It's not just tenants that could do this, either. It might also come from a serviceperson, vendor, or tenant's visitor.
Naturally, being involved in a lawsuit for liability could be stressful and expensive. So, property owners should work with an insurance company that will provide good liability protection so that any lawsuits will be settled as easily and quickly as possible without significant out-of-pocket costs.
Keep Yourself Covered for Damages
Another reason to have strong landlord insurance policies is to cover any damages that could occur. If something happens to the property due to tenants or pets, you want to make sure you can get it repaired without high personal costs. At that point, it's not only about losing income but also about the costs of returning the property to its original state.
The faster and more efficiently you can get the property repaired, the sooner it can be rented out again. You'll be able to quickly return to generating income from the property without the added burden of operational or significant repair costs while trying to get it back in good condition. A good policy gives you the security to weather any storms that might come your way.
Get the Right Landlord Policy
When you're looking for insurance, it's not just about finding a policy that covers rentals. It's about getting the right policy for the property you have. 
Additionally, if you have more than one investment property, you'll need to consider their individual needs. A single-family home needs far different coverage from a multi-unit apartment building.
Fortunately, there are plenty of options for policies that help protect landlords and their properties. Working with professionals who have a good understanding of rental insurance and the goals investors have with their properties can make getting the right coverage a lot easier.
Work With Expert Delaware County Property Management for Insurance Guidance
If you aren't sure which policies or coverage limits you really need, you can get help from a property manager! When you choose a trusted company for Delaware County property management, you have the expert guidance you need for profitable rental properties.
Rentwell has the experience property owners need to identify the right property insurance coverage and operate successful investment properties. Reach out to our team to learn about our services and how we help property owners protect their investments.
