Do You Need Public Liability Insurance for Rental Property?
If You Have A Rental Property, Then You NEED Public Liability Insurance for Rental Property
Do you need Public Liability Insurance for Rental Property? Let us put it this way, if you are a real estate investor, and your tenant falls down the stairs, are you covered?
What Is Public Liability Insurance for Rental Property?
In the most basic sense, public liability insurance will protect you against tenants who claim personal injury or property damage from incidents connected with your property.
For example, suppose that a tenant is coming down the stairs and takes a fall. If it can be proven that you did not property maintain the stairs, and you do not have insurance, you can pay significantly out of pocket.
In a similar vein, if your tenant's car is damaged because the gate malfunctions, and you do not have the right insurance, this means you will also pay significantly. This is not counting all of the losses that could potentially be generated during a lawsuit.
Why Do You NEED Public Liability Insurance for Rental Property
As showcased from the above scenarios, if you are not properly insured, and an incident happens on your property, then you could be held liable. This means you could pay out a great deal in the long run. Even beyond your primary insurance rates.
There have even been cases in which a real estate investor has been left in financial ruin simply because they do not take the time to get the right insurance for their needs.
Make sure that you are properly covered. Getting a quote on your property is only a click away.