By Utopia Management
Every San Diego Property Management company will agree that landlord insurance is something that’s better to have than to need it and not have it.
Sadly, in today’s rental market, many landlords don’t have landlord insurance because they have homeowner’s insurance and think that their policy will cover their rental property.
If you don’t have landlord insurance this article will provide you with several reasons why you should have this form of insurance protection.
Reason #1 – Most Homeowners Insurance Claims Are Denied When the Property Is Rented
Although a homeowner’s insurance policy is great to have for your primary residence, the reality is that you need a landlord insurance policy, because your homeowner’s insurance policy will not cover you when you rent your property.
Reason #2 – You Should Have the Most Liability Coverage Possible
Liability coverage is vital when you own a rental property because, if your tenant gets injured it’s possible that they may choose to sue you for damages. So, it is best to have as much liability coverage as possible to protect your best interests when you have landlord insurance.
Reason #3 – Your Umbrella Insurance Coverage May Be Voided If You Don’t Have Landlord Insurance
Sadly, it’s not uncommon for some landlords to find that their umbrella coverage was made void because they did not have a landlord insurance policy.
Having umbrella insurance coverage is important, and it’s also affordable, so to avoid having your umbrella insurance coverage made void it’s best to have landlord insurance or you could find yourself in a bad situation legally.
Reason #4 – You Need as Much Liability Coverage as Possible
Did you know that when a landlord faces damages they often need a minimum of $1 million dollars in liability coverage? Since most homeowner’s insurance policies only offer a few hundred thousand dollars in personal liability coverage it’s best to have landlord insurance to ensure that your best interested are protected.
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For professional property management contact Utopia Management today. We are an experienced management company and can help you with all of your property management needs.
Learn more by calling us at (800) 294-4656 or connect with us online through our website.