If you own an apartment and you already have your landlord insurance, don’t be confident that your property will be protected against any mishaps. Landlord insurance, like any other types of plans, is limited in some ways. That’s why there are various add-ons for policies also available in the insurance market. Below are some examples of landlord insurance policy add-ons, read it carefully and decide whether you need one or not.
Legal Cover – this is technically used to negotiate your legal rights to recover any rent your tenant owes you and your legal rights to evict anyone other than the tenants who do not have permission to be in the property.
Rent Guarantee Cover – this add-on guarantees that you will get some rent even if the tenant doesn’t pay.
Contents Insurance – this covers your valuables inside the building should it be damage in an accident. Take note that this only insures your stuff and not the tenants’ contents.
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