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Let Property Insurance Basics

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By : George Lyles    99 or more times read
When you own properties that you let out you need to make sure that you protect your financial interests in the property. Even when you have tenants that you trust it is a good idea to have let property insurance to cover the structure, and in some cases the items within.

If you want to continue to benefit from rental properties in the future you need to make sure that the property is maintained properly. A great way to do this is with let property insurance. Unfortunately a lot of landlords don’t realize that this coverage exists until they have suffered substantial losses to their rental property. You should look into let property insurance before you rent your property out so you have protection from day one. If you have already rented out your properties numerous times and would just like the peace of mind, now is a great time to get let property insurance.

What Let Property Insurance Is

If you are not familiar with let property insurance you might be wondering if it is really something that you should be bothered with. It is basically an insurance policy that protects you from financial losses associated with your rental property. Usually these policies will cover the dwelling itself, although a lot of let property insurance providers will allow you to opt for additional coverage.

Let Property Insurance Typical Coverage Limitations

Let property insurance will usually cover all of your typical catastrophes such as fire, lightning, explosions, earthquakes, storms, floods, water or oil spills, settling of the earth resulting in damage to the dwelling, theft, and intentional damage caused by tenants or others. These are just options and not all policies will cover all of these specific damages, so you should look closely at your policy to understand what it covers and what it does not. Some great add on coverage options include but are not limited to accidental damage, legal protection, alternative accommodations, contents insurance, and rent guarantee insurance just to name a few.

When shopping for let property insurance you should be sure that you shop around and compare the coverage that each of the companies can offer you. There are companies that have very few options and those that are willing to provide many different types of coverage, depending on the needs of the property owner. Different companies call the coverage different things as well such as landlords insurance, rented property insurance or even property owners insurance but generally it all provides the same type of coverage for a rental property. Knowing these names will help you shop all of the providers.
George Lyles has been a real estate investor for over five years. He enjoys teaching others the ropes and always stresses the importance of let property insurance.

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