Rent protection and legal expenses insurance or landlord insurance provide protection to property owners when there is a renter on the property. If you have a tenant for a long time, whether this is in a multi-family complex or you rent out a home, you need to consider all of the potential losses.
Loss of Rent Payments
Now and then you might have to deal with a tenant that does not pay rent. This will happen if the renter forgets to pay, if he or she has a financial hardship or if he or she simply decides against paying. When this happens, you need insurance to cover that loss.
If someone suffers an injury on your property, you could still be accountable. The legal costs associated are expensive and most property owners do not want to have to spend the time and money on court costs. The cost of landlord insurance, according to the experts at https://www.rentrescue.com is low enough that you could charge a slightly higher rent cost to cover it. This is a small amount in order to cover the high costs of a court case.
When it comes to your property, you need to be able to protect it. This is especially true if you rent the building or property to tenants.