Becoming a landlord is quite an undertaking because it entails wearing many hats. The individual must know how to make common repairs and quickly get up to speed regarding tenant-landlord rights and responsibilities. One of the first things a new landlord should do is obtain landlord’s rental property insurance.
The benefits of insuring a rented dwelling include protecting the structure against damage and protecting the landlord in cases of legal or personal liability. The policy covers the rented structure, other private buildings including a shed or garage, and any personal items that are stored on the premises or provided by the landlord. A landlord can purchase a policy for various structures such as a single or multi-family building or a condominium.