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Insurance is an important part of being a landlord

On Behalf of | Jan 24, 2019 | Landlord / Tenant |

Orange County property owners choose certain locations in order to maximize their investments. After making sure that a particular property is attractive to potential tenants, a future landlord needs to protect it. This means obtaining the proper insurance coverage.

There are two primary facets to insuring a rental property. The first is to make sure that any injuries or losses that occur on the property are covered through liability insurance. The second is to make sure that the property is covered for any losses associated with the physical property. 

Liability insurance should cover medical costs and any other damages incurred by an individual for which the landlord is responsible. This could include the tenant or any invitees depending on the situation. The property insurance coverage needs to cover the main structure, along with any other buildings that belong to the property, and thus the owner.

A landlord also needs to insure any personal property he or she may have in the rental property. This prevents a property owner from having to rely on the renter’s insurance should something go wrong. Insurance could also provide some benefits should there be an interruption in the receipt of rental payments.

An Orange County landlord may need to take some time to determine exactly what types of insurance are required and would best suit the property and its owner. Moreover, determining coverage amounts may require some consideration as well. In order to help make the best choices possible under the circumstances, it would more than likely be a good idea to discuss this issue with an attorney who routinely deals with commercial real estate matters.