Having the ability to own another property can be a real blessing. You can use that property as means of another source of income by being a landlord, however this situation often times comes with its fair share of stress and headaches. From a Connecticut Insurance viewpoint, simply owning additional property and then renting it out to tenants increases your liability and probability that a claim may occur.
It is essential that if you are a landlord that you strongly consider an insurance policy that will protect you for both your own home, and your rental property as well. Furthermore, it’s largely up to you as to the amount of coverage you desire. Landlord insurance can be very simple or comprehensive, it all depends on what you want.
Listed below are the different types of insurance coverage that you can think about if you’re a landlord here in Connecticut:
Landlord Building Insurance–this covers the outer structure of the property being rented, as well as any other structure on that property, such as a garage.
Legal Expenses–Unfortunately,some rental situations fall through the cracks, so this coverage will provide for the cost of legal fees associated with having to deal with rental disputes, evictions, contract issues and similar, expensive problems with a tenant.
Loss of Rental Income Coverage– If you fall victim to a loss that causes your rental property to become uninhabitable , you’ll need coverage for rental income that is lost while the property is replaced or repaired.
Landlord Liability Insurance–Of course there’s going to be liability involved here! Just think about all the ways one of your tenants can injure themselves or other visitors within your rental property- probably a few more instances than you’d care to consider!
So if you’re a landlord, make sure you have the best Connecticut Insurance around, because you never know when the unexpected will occur!