Property owners in Wall NJ are generally aware of the importance of rental property insurance. However, it helps to understand more about what rental property insurance means to you as the owner or landlord. In some ways, rental property insurance is similar to homeowners insurance in that it provides protection from financial loss related to natural disasters or fire. Where rental property insurance in Wall NJ differs from standard homeowners insurance is that there will be special clauses protecting you against losses incurred due to the tenant.
For example, let’s say a tenant did not keep up the property according to your rental contract. Unfortunately this happens fairly often. Your insurance policy may cover some of the financial losses incurred from the damage and help you fix up the property fast to get it in shape for your next tenant.
Another important clause in a rental property insurance contract is related to liability. If a tenant tries to sue you for injuries suffered on the premises, your insurance contract can protect you. Landlords do need to be aware that the tenant may have a case. If your property has not been properly maintained or if there are issues you did not know about such as structural damage, you are responsible. Liability insurance can pay for your legal expenses, any property damages your tenant suffered, or any medical bills incurred in an accident that was due to something that was amiss on your property.
Some policies will allow you to recover lost income. In fact, some Wall NJ landlords are sometimes unaware that they are eligible for loss of income coverage. What this means is that if you have to renovate the rental property after suffering severe storm damage that was covered by the insurance policy, you can file for rental reimbursement. Call a good rental property insurance company in Wall NJ for the best rental property insurance policy for your needs.