MIAMI, Dec. 2, 2010 /PRNewswire/ -- Landlords generally have higher landlord insurance premiums because of the increased risk they have than that of regular homeowners. This is primarily because a rented property is open to more damage by tenants than if it was a homeowner occupied property. Additionally, it is more likely that the building will be left vacant more frequently.
When a dwelling is unoccupied, the potential of burglary, vandalism, and issues with squatters are higher. There is also a chance that there will be unnoticed damage that can compound problems and costs. These increased risks raise home insurance premiums. Even if a homeowner has a house that is unoccupied but not intending to rent, they face the same risks and thus have higher premiums.
A homeowner with renters must never be without a comprehensive landlord insurance policy. If a building owner forgoes this and tries to make a claim under a standard policy, it will likely be automatically invalidated. Additionally, if a building owner has a standard policy, and a residence is vacant for more than 30 days, this policy may become invalid. If a landlord does not have the appropriate amount of insurance and they must make a claim or are sued for an injury in the home, this amount will need to be made out of pocket.
Although there may be higher premiums for this special coverage, a building owner should never be without. Landlords can find cheaper policies by shopping around and comparing online quotes.
LandlordInsurance.net provides free quotes to building owners on cheap landlord house 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, visit the website.