Common claims filed by landlords.
They say your home is your greatest asset. While this is largely true for all of us, if you’re a residential landlord, then your rented property is also a very valuable revenue-earning investment that needs to be protected. Insurance is a key element in this and it’s a mistake to think this can be left to renters. To help you understand where you need to apply protection, check out these common claims filed by landlords.
- Water Damage
Water damage to the contents of a rental property is one of the most common insurance claims. In some cases, it may be caused by the renter or faulty appliances and fittings, such as leaks from a washing machine, or by problems relating to the property, such as a burst pipe. Many standard building and contents policies exclude water damage due to accidents caused by the renter. It’s amazing how much damage a bit of water can do, which is why it’s important to inspect your property regularly.
- Storm Damage
Violent winds, rain, hail, or snow can hurt your property. Some storms are worse than others and will cause damage to the landlord’s property, forcing them to cash in on a claim. However, landlords can take some precautions to minimize the damage suffered when a storm occurs. A properly maintained roof can go a very long way towards protecting the property from damage. Make sure any loose tiles are replaced, and that it stays in good condition. Also, check that pipes and gutters are sturdy and clear of debris.
- Accidental Damage
Accidental damage to the contents of the property is a common claim for landlords. This might include damage to carpets, broken televisions, cracked baths, and so on. Accidental damage is just that – accidental. While it is quite hard to avoid, and often completely out of the landlord’s control, landlords can minimize the risk by properly vetting the renters. Make sure you or your agent have a thorough understanding of the characters applying for the rental space. Party-loving students are, broadly speaking, more likely to cause accidental damage than a young couple with a child.
Make sure you have the right landlord insurance in place. To find the right coverage to address your needs, contact Kurt Rolf Insurance Agency. Serving Minnesota, Wisconsin, Florida, South Dakota, and Arizona; our dedicated team is ready to assist you with all your coverage needs.