If you rent out homes, condos, apartments, or any other types of properties, you may be exposed to more risk than you think. As a landlord, you face a variety of exposures that could land you in deep financial trouble if you don’t have the necessary insurance coverage. Luckily, you can obtain habitational insurance to financially protect yourself.
What Is Habitational Insurance?
Habitational insurance is a type of insurance coverage that is designed to protect landlords from a variety of common risk exposures. Habitational insurance policies can vary but most include coverage for general liability, environmental-impairment liability, and property. Furthermore, you can add other types of coverage to your policy if you have additional insurance needs.
Who Needs Habitational Insurance?
In short, anyone who works as a landlord can benefit from habitational insurance. Many people are under the impression that you have to be the owner of a large condo or student dormitory to obtain habitational insurance but this is not the case. Even landlords who only rent out a single studio apartment can benefit from habitational insurance.
Working as a landlord can expose you to numerous risks that could land you in deep financial trouble. Luckily, habitational insurance can provide you with the comprehensive coverage you need to stay financially secure.