subject: Protect Your Property With Landlord's Insurance [print this page] If you own property and are in the practice of letting or renting out your property, it is advisable that you safeguard your interests by getting landlord's insurance. If you are a property owner and have leased out your property on rent, you could stand to face some serious financial losses if any damage occurs to your property or your tenant creates trouble for you by refusing to leave and vacate your property or some such issue. Even if you just own property, you can get this insurance to protect your property from any damage. Landlord's insurance comes in handy in case of such trouble, it will protect the landlord's interest in case they are unable to or prevented by any circumstance to use their property to earn an income.
Coverage Provided By Landlord's Insurance
In case you are having tenant trouble and the matter goes to court, the insurance will compensate you for all your legal costs incurred in that particular case. Depending on coverage you may also get compensation for the money you have lost due to lack of rent revisions during the legal process.
Similarly, if any damage occurs to your property in case of natural disasters like fire, floods, any electrical damage or malicious damage you will get compensation for the money spent on rebuilding and repairing your property. Again, depending on your particular policy you could get compensation for the rent lost during this period of rebuilding.
It is important to understand that a landlord's insurance has a number of different variations when it comes to choosing what all you want insured or covered. For example in case of damage or accident you could choose to cover only the building and its exterior and interior structure or cover the entire structure and all that lies within the structure. Apart from property damages it is also a practice to insure against libel, slander and/or discrimination as this could adversely affect your business. This is especially important if you have competitors or ex-tenants trying to ruin your market value.
Ways To Keep Insurance Costs Down
Since the compensation in such matters is always high the insurance premiums and costs are also of a considerable amount. To reduce this you have to know all the facts. There are two ways insurance can be claimed
* Actual Cash Value
* Replacement Value
In actual cash value, you get the actual cash value of the damages and the property damaged after subtracting the depreciation on the property. Because of the subtracted depreciation value you have to pay a smaller insurance premium. In case of replacement value, there will be no subtraction of depreciation from the value but you will have to replace the property to qualify for this type of a settlement.
Another way in which you can get discounts or lower your insurance costs is to pay higher deductibles (the amount of money you give for damages).
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