Nowadays property investment is a very common practice. Renting an apartment unit or a house, or any property is an example of property investment. As an owner of such properties, you do not have full control to save your property investment from any physical damage. To cover the cost of such damages to your property, you need efficient property insurance.
Why rental property insurance is beneficial?
Rental property insurance offers a well-planned policy that protects proprietor’s property from the losses and damages caused by various factors, such as vandalism, burglary, storms, and fire. A comprehensive policy of rental property insurance offers a liable coverage for the losses or injuries endured by others. In addition, the policy of rental property insurance offers the coverage on the costs related to lawsuits, claimed by defending personal injury and charges of lawyers.
Tips to choose precise rental property insurance
At first, conclude if the rental property insurance that you are considering to purchase is offering protection to all property assets and values. Make sure that it does. Another thing that you must ensure about the policy of rental property insurance that it should cover physical injury and legal. Legal coverage includes invasion of privacy, libel, discrimination, slander, unlawful and retaliatory eviction.
Lists of Companies that offer Rental Property Insurance
There are many companies, which are offering policies of rental property insurance. Some of the companies are shortlisted below with their basic features of rental property insurance.
AAA Insurance Rental Property Insurance
To provide the more efficient and unique rental property insurance, The AAA insurance collaborated with the Balboa Insurance Co. The policy of rental property insurance includes a Dwelling fire feature. This policy of rental property insurance covers the residential rental property loss or damage caused due to the fire. This policy of rental property insurance protects from the direct physical loss or damage of residential rental properties and the additional structure associated with it. The policy of AAA insurance compensates 10% of the total cost of reconstruction or repairing.
LandlordZone Rental Property insurance
It is an online rental property insurance company, based in the UK. LandlordZone offers rental property insurance for the owners of residential properties such as, maisonettes, flats, houses, etc. It also offers similar facilities to the commercial properties, for example, workshops, offices and shops.
It also provides complete rental property insurance benefits for Asylum seekers, Lodgers, Public Liability, Unoccupied Property, Student Lets, Holiday Lets and Letting Businesses, Houses in Multiple Occupation (HMO), and other types of housing. The policy of rental property insurance includes Bed and Breakfast, Second Homes, Property under Construction, Business Insurance, Emergency Assistance, Legal Expenses, Rent Guarantee, and Tenant’s insurance for tenants and landlords.