When one owns a property they are called a property owner, and when that property owner decides to rent out space on his property or in a building on his property he then becomes a landlord. Landlords, like anyone else in a business, are required by law to have insurance for many occurrences and situations. This is so any unforeseen occurrences which may arise are covered and all parties involved will see a form of restitution or coverage.
One such form of insurance is called Residential Landlords Insurance. A residence is anywhere someone lives or calls their home so this coverage is for landlords who rent apartments, homes or living space. This is not only required by law but also by a bank who may hold a mortgage on said property. This form of insurance covers the possibility of a landlord being sued by a tenant for wrongful eviction, and protects the landlord from loss of income if the property becomes unusable and covers additional buildings such as garages and storage sheds; building which may not be connected to the actual physical building on the premise.
It is very important to any landlord that they be covered for these situations through their residential insurance policy. Sometimes when an accident occurs or Mother Nature decides to rear her ugly head, a property can become damaged and unsalable as a result. This insurance makes sure you as a landlord are reimbursed for any loss of income and to cover any fees for repair of the damage to bring your properly back up to par with legal standards.
This insurance just doesn’t protect your property but protects you as well if a tenant or renter brings a suit against you for any action you may have taken against them. This covers legal fees for court and restitution if you are found guilty and have to pay your accuser. It is all in all a very important form of insurance.