What is Rental Property Insurance?
Being a landlord can be a lucrative and fulfilling endeavor, but rental properties aren’t without their risks. From property damage to potential lawsuits, Vermont landlords should consider the potential fallout of a disaster or accident. Carrying rental property insurance can help provide important protections against risks such as these.
Rental property insurance is specialized commercial insurance for landlords who own investment properties. The insurance is widely used by single-unit and multi-unit residential landlords, but it’s also often useful in commercial and industrial leasing situations.
Who in Vermont Should Have a Rental Property Policy?
The vast majority of property investors who rent their properties should carry rental property policies. Not carrying insurance generally creates enormous risk exposure, and this insurance usually is the most appropriate type of insurance when leasing properties in Vermont.
For landlords who have more than one property in Vermont, multiple rental property insurance may be especially applicable. This particular type of rental property policy is intended to insure multiple buildings that aren’t connected to each other, and the cost of a multiple rental property insurance policy is frequently less than the cumulative cost of insuring each building separately.
Landlords who aren’t sure whether they need a standard rental property policy or a multiple rental property insurance policy can get guidance from an insurance agent who specializes in these kinds of policies. A knowledgeable agent will be able to make an informed recommendation based on an investor’s situation and portfolio.