Landlord Insurance - A Clearer Explanation
Have you ever wondered the difference between landlord insurance and the regular
homeowner insurance coverage? A failure to have a good grasp of the difference between this two could have you paying dearly. Let's see the difference.First, let's look at the difference between the two situations. I think that would be the easier way to understand the difference in the two coverages.
If you own a home and live in it, then you would need a homeowner insurance. If however you own a home but do not live in it rather you have it rented out to a tenant, then you would be needing a landlord insurance. To understand better, we need to know why.
Who is likely going to take more care of my house? My tenant or me? That is the base of the argument. Insurance companies are also aware of the simple fact and base their policy on this. They therefore have to ask some question and factor in some possibilities.
For homeowners who live in their homes, damages to their property caused by them are non-claimable. They have to sort themselves out. In fact, depending on the nature of the damage, you could be charged with a criminal charge if you make a claim. On the other hand, should one of your tenants cause a damage to your property, you could make a claim and be paid on your claim. Depending on the scope of your coverage, it could come under malicious damage.
Based on the above explanations, I assume you have a better understanding of the logic behind the difference.
Let's try to look at ways to save on this type of policy. The landlord insurance policy.
One very important factor you should never forget is that the type of people you admit as tenants affects your rates tremendously. Letting out your house to people perceived to be stable, have a steady source of income and generally responsible like professionals would be greatly to your advantage.
Lastly, be sure to get and compare as much free home insurance quotes as you can. Get free home insurance quotes and be sure of enjoying the lowest rates possible.
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