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Insurance Policies You Should Have Before You Rent Out Your Space

property insurance

Before you rent out your space, you are required to obtain insurance and other preventative measures. As a landlord or property owner, you must purchase protective insurance policies to minimize liability. Remember that if the renter of your property gets hurt or sustains an injury while on your property, they may be able to sue you. Acquiring insurance will protect you from the penalties and other financial damages.

Liability Insurance

If someone is hurt while renting your property, he or she can blame you, since you are the owner and may engage in litigation with you. It is during this time that the liability insurance will protect you. This policy will take care of the issue and will finance the medical treatment of the person involved. Liability insurance will protect you, should your renter ever get hurt on the premises. No landlord should be without this, even if you’re renting your apartment for a short term.

There are certain types of insurance that have options to cover visitors of you renter. If an accident happens on your property and there is a lack of signs and warning, it’s possible to have an issue. In this case, the liability insurance will take care of the renters’ medication or any treatment needed.

Property Insurance

Depending on which state you are located and the insurance options available for the rental property, it’s highly recommended that you have property insurance. This policy will protect the property and other items within the unit in the event of damage, fire or theft. It is similar to the renter’s insurance coverage. However, in this case, if the renter ends up destroying any of the belongings inside the unit, the policy will cover whatever property has been insured. If the insurance company refuses to cover any of the settlement of the damaged properties, a lawyer is needed to initiate contact and legally address the situation.

Other Insurance and Legal Help

Aside from the liability and property insurance, there are several other types of insurance that one can acquire before renting out their property. Some of these policies will protect the owner and others are in place to cover any legal or medical treatment needed as a result of an injury within the property.

There may be instances that the insurance company will refuse to cover the settlement of the damages incurred. If the policy is valid, yet the insurance provider is not cooperating, a lawyer will have to settle any issues and disputes with the insurance provider.