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We recommend Terri Scheer for your Landlord insurance needs.

Why do I need Landlord insurance?

Like all other aspects of our lives where we consider insurance the same rule applies here, “better safe than sorry”. As property managers we have seen varying scenarios of what can happen between a landlord and a tenant as well as the effects that tenancy has on your property. Having some form of insurance in place can be the difference between a bad situation and one that is devastating.

So, what is landlord insurance and why should you have it?

As with all insurance it is there to protect you from life’s mishaps. A jog in the park turns into a stumble down the hill and a broken leg, health insurance. A mis-hap at the traffic light and a car crashes into your car, car insurance. While on family holiday there is a delay in your flight and you miss your connection forcing you to spend the night at the airport, travel insurance. In all these situations you have hope for the best but had a back up plan or safety net for the worst. Having landlord insurance is really no different.

Most of the time tenants are wonderful and respect the property they lease taking care and making sure their rent is paid on time. However, there are those times and regardless of all the background checks and steps we take to prevent damage and disputes, inevitably it will happen. Therefore, it is only prudent to have a plan in place should things go sideways.

The most common features of landlord insurance is to cover intentional damage caused to your property by the tenants or their visitors, cover the rent in events where the tenant doesn’t pay, covering any theft and also any applicable legal fees which you could incur if either you or your tenants decide to take legal action over damage to the property.

Various policies will cover different situations, so it is wise to double check what is included in your cover and what is not. In truth it is hoped that the need for you to use this insurance never comes to pass however, the world isn’t a perfect place and as such having the added measure of safety afforded by landlord insurance will protect you and one of your most valuable assets. For this peace of mind a few hundred dollars a year is well worth the cost.

There are many insurers out there and each will provide different levels of cover. Some may even go beyond the main issues and cover acts of nature such as storm damage, fire and flood. We suggest you take the time to look into landlord insurance as it will save you in the end should you find yourself in need.

The majority or our landlords are with Terri Scheer and we have found them to be quite reliable and consistent and only make this suggestion as a place to start. Please feel free to contact any member of our team to discuss the benefits of landlord insurance further should you have any questions.

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