The right insurance can make all the difference in protecting your rental property.
Landlord Insurance - When you purchase a rental property you will also need to purchase insurance to cover it. Homeowner's insurance will likely not cover what a landlord's policy will. You will want to do your homework, not only on what will need to be covered, but also on the best types of insurance to invest in.
Renter's Insurance - Landlord insurance will handle the property itself and anything that you supply with it, but it won't cover the possessions that you tenant brings in with them. Requiring your tenant to purchase renter's insurance is an excellent way of protecting both your own investment and theirs.
Explaining Renter's Insurance to Your Renter - While renter's insurance may not cost a great deal (and can save them a lot of money if the worst happens!), your tenant may not understand that if they've never purchased it before. If you need a few key points to sell your tenant on the idea, check out the article above.
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