How much does liability insurance cost for a rental property?
When it comes to rental properties, you will want to make sure that you have adequate liability insurance in case anything unfortunate happens. This includes injuries caused by guests or tenants, as well as property damage. While there are various types of coverage available, some popular options include general liability, professional indemnity, and personal injury protection.
It is also important to understand your landlord’s policy with regard to liability insurance and find out if they require proof of insurance before accepting a potential tenant. If not, be sure to get the policy in place prior to signing any agreements. Additionally, keep copies of all documentation related to your rental property, including leases (if applicable), invoices for repairs/updates made by landlords or contractors hired through them (landlord’s statement must state who performed services and when), letters from agents regarding fraudulent claims, etc., photographs showing damages/injuries, etc., and police reports where needed (if relevant). Having this information readily accessible will help protect both you and your landlord should something happen while you’re renting the property.