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Landlords who are renting out residential properties such as houses, vacation cottages, and apartments for the first time may have the assumption that their homeowner's insurance will cover and shoulder all expenses in case of accidents, natural disasters, or other damaging incidents. However, that is a rookie mistake. Why Do You Need Landlord Insurance?
Most likely, your policy will only cover owner-occupied homes. When you decide to rent it out to someone else, the policy will no longer apply. Renters are typically not held responsible or liable when a big appliance stops working or a person suffers an injury on your property even though it is not the tenant's fault. A forest fire destroys or damages your home, or even burglars empty the house; this means you could be left out in the cold for these or other misfortunes caused by Mother Nature or other humans. What Does It Cover?
Conclusion Before renting out your property, it is best to look at your homeowners' insurance policy to check if it will cover damages and liabilities while you are not living there. If you want to protect your property and rent it out at the same time, landlord insurance is a must. At Arnold Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (318) 965-5953 . Get your free quote today by CLICKING HERE.
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