Renting out your place can be a lucrative investment, but it also comes with its risks. Landlord insurance covers risks such as fire, storms, vandalism, or theft. It helps you repair your property after the damages have been done.
Landlord insurance is a safety measure that property owners in Nigeria shouldn’t overlook.
What is Landlord Insurance?
Landlord insurance is a type of policy made to protect landlords from potential financial losses related to their rental properties. It covers property damage, the liability costs, and, in some cases, loss of rental income if the policy purchased covers it.
Why is Landlord Insurance Important When Renting Out Your Place?
The main reasons to get landlord insurance include:
- Protection against fire, theft and storms
- Covers risks associated with tenants living in your property, such as accidental or intentional damage
- Legal disputes.
- Covers for loss of rental income.
Additional Considerations
After your research and you are ready to purchase a policy, consider additional coverages like:
- Emergency repair services
- Legal expense coverage
- Coverage for belongings you own within the property.
Conclusion
Renting out your place without landlord insurance is a great risk. To guard your hard earned property, investment and income, adequate coverage is important.
Not only does Landlord insurance offer peace of mind, but it also provides financial protection against a wide range of potential and unforeseen issues related to your property.