Landlord Insurance Policies Need Reconsideration With High Fire Hazard Months Ahead
Landlord insurance policies should be reevaluated as the high fire hazard months of winter roll around; homeowners will want to make certain specific costly items are insured
SAN FRANCISCO, Jan. 6, 2011 /PRNewswire/ -- As the high fire hazard winter months roll around, property owners should check to ensure they know exactly what their investment property insurance policy covers. Some may be surprised at what expensive items are not insured in a standard policy. According to the US Fire Administration, residential fires are more prevalent in winter months than other times of the year. Fires can completely destroy a structure and all of the contents inside, which may or may not be covered in a policy.
In colder months, people will try to reduce heating costs by using other sources over their utilities. In the winter people may use their fireplaces, wood stoves, space heaters and other less expensive alternatives. Though these may be a decent option for energy savings, they have risks that are preventable. To prevent residential fires, safety precautions must be taken.
Even when precautions are taken to avoid accidents, they still do happen. Landlord insurance policies vary from company to company. Some may think their landlord insurance policy covers all the financial damages from a fire; however, a basic policy will generally only cover the building itself. This is typically true whether the dwelling is a house, apartment, duplex, condominium (condo), townhouse, quad, vacation rental or other. Though the structure is covered, usually the contents within the building need to be insured separately.
Personal contents which are provided by the owner for use by the tenants should be covered by liability protection. The landlord building insurance can have a full or limited contents policy. Limited policies typically insure unfurnished or partly furnished units and will generally insure items like curtains, carpets, light fixtures and fittings, and appliances. Even if the building is minimally furnished, an owner should have liability coverage as it covers injury to renters or guests that can be caused by defective cookers, lighting fixtures, or stairs. The compensation of a claim, if there was an incident, would be substantial.
LandlordInsurance.net:
LandlordInsurance.net provides free quotes to building owners on cheap property insurance policies. Landlord insurance is a must for every property owner leasing or renting out space to tenants to protect against the threat of tenant damage and other risks. With the substantial investment it takes to own a rental property, it is smart to protect that investment with high-quality insurance coverage. Find that coverage from local insurance providers at a low cost by comparing quotes using our free online system. To get a quick and easy quote on cheap landlord insurance, visit the website.
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Ryan Spencer |
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Media Relations Specialist |
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LandlordInsurance.net |
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SOURCE LandlordInsurance.net
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