Many real estate investors start small with a single property that they rent out and then over time they add more rental properties to build up a nice real estate portfolio of rental homes. To make sure there is adequate insurance protection for each property work with your agent at XL Brokerage Inc. serving Selden, NY and the nearby communities to set up a uniform landlord insurance program.
What is landlord insurance?
Landlord insurance is much more than property insurance for the building. It includes that but also much more. It may provide protection for accidental damage and even loss of rent.
Loss of rent coverage is really helpful if the property cannot be rented due to circumstance beyond anyone’s control. This protection can help pay the mortgage payments of a rental property for a covered cause when there is no rental income coming in. Some lenders require this kind of insurance to be in place in order to make a loan on the property.
If the rental property is furnished, landlord insurance may be extended to protect the personal property owned by the landlord as well.
Discuss the specifics with your insurance agent because there is the possibility of a customized protection plan that fits your particular circumstances.
Landlord Insurance Review
If you already own rental properties that are insured individually then consider getting an insurance review to receive recommendations about landlord insurance to help you better manage your rental real estate.
If you are just starting out that is fine too, we are happy to work with you as you build your real estate portfolio. When a comprehensive landlord insurance program is established, it is easy to add additional properties to the coverage
To get a quote for landlord insurance contact an agent at XL Brokerage Inc. in Selden, NY by calling 631-736-6100 or the office in Mastic at 631-281-6100.