Insuring Your Rental Units

Purchasing insurance is all about protection.  Protection against whatever life throws at you whether it be ice, fire, lightning or a backed up toilet.  If you own more than just one property and the other one is a building of rental units, then you are a landlord, and there is insurance for you too. 

Landlords must have insurance to cover damage done by tenants so that things can be repaired and the unit can once again be rented so it generates income.  You can get a few quotes for landlord insurance online but be aware that it can fluctuate by hundreds of dollars so compare your cost each year.  You can also speak with other landlords to find out which insurance they carry and why. 

This type of insurance can come in various forms which will depend on several factors. These factors are, the number of units it will cover, the location of the units, the age of the units and the type of ownership.  It is possible to get an extension on the insurance you have on your primary home to cover your rentals. This will extend your liability coverage and is called an umbrella policy.