Should You Get Homeowners Insurance or Landlord Insurance for Your Los Angeles Condo for Rent?
Do you own a Los Angeles condo for rent and are wondering if you should invest in homeowner’s insurance or landlord insurance?
The quick answer is you should have landlord insurance for your rental property because homeowner’s insurance will not protect you financially if you plan on renting out your condo on a long-term basis.
Homeowners Insurance Explained
Homeowners insurance is a type of property insurance that will cover you if there are damages and losses to your home due to acts of God or other situations.
When you choose a homeowner’s insurance policy you can count on being protected thanks to liability coverage if your guests are injured due to accidents that happen in your rental property.
Landlord Insurance Explained
Every investor who owns rental property should have landlord insurance for their property.
This form of insurance protection will protect your dwelling if it’s damaged by fire, wind or another act of God.
Besides protecting the primary dwelling, your landlord insurance policy will also protect other structures on your property like a detached garage or fencing that was damaged during a recent storm, fire or disaster.
Your personal property will also be covered by landlord insurance if you use those items to maintain the property while other forms of personal property like a television set, audio, or video equipment will not be protected if they are damaged by your tenant or something else.
How Much Does Landlord Insurance Cost?
Depending on your insurance provider landlord insurance can cost up to $800 per year but the investment is worth it because you can count on the landlord insurance to protect your best interests when you really need it.
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