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Important Insurance Facts for Landlords and Renters

3/18/2021 (Permalink)

New Multi-Family Housing in Suburban Setting Rental property in Bur Hill, VA.

Important Insurance Facts for Landlords and Renters

If you own a large rental property, you know that a large storm in Burr Hill, VA, has the potential to cause a lot of damage to your property. It could even require your tenants to have to relocate for a period of time. With the right insurance policy, you will be covered for structural damage to your property from such things as high winds, heavy rains and lightning. A storm remediation company in your area can help you recover from a large storm and in some cases help you more efficiently handle insurance claims. For your tenants, renters insurance protects them for losses to their belongings and has provisions for other important situations. Some landlords strongly encourage or require their tenants to purchase this coverage.

Renters Insurance Facts

Many people who rent think they do not own enough stuff to make insurance worthwhile. However, when everything is added up, the value of a person's clothes, furniture and personal items can be significant. In general, renters insurance is fairly inexpensive, plus this insurance coverage includes the following protections:

  • Provides for relocation expenses if necessary
  • Includes liability coverage for damages causes by a tenant
  • Includes different levels of replacement for personal items

The right policy provides peace of mind for the renter and has benefits for the landlord, too. It is an affordable way for renters to avoid a financial loss.

Commercial Property Information
As a landlord, there are many things you can do to protect your property, including getting the right insurance, and seeing that your tenant has renters insurance. Also, make sure to follow all applicable rules and regulations concerning your tenants, such as including the necessary safety devices and alarm systems on your building. Regulation inspections of your property by knowledgeable contractors also help you withstand the effects of a storm. It's important to keep an eye out for items that could cause injury on your property, such as broken railings on stairways.

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