| Landlord Insurance - Is It Different From Homeowner Insurance? |
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| Written by Chimerenka Odimba |
| Friday, 05 March 2010 15:54 |
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Have you ever wondered the difference between landlord insurance and the regular homeowner insurance coverage? A failure to have a good grasp of the difference between this two could have you paying dearly. Let's see the difference.
When you see Landlord insurance and then again homeowner insurance, do you get confused and wonder if they are the same? If you do not understand, you could have things really confused and this could cost you a lot unless corrected. Let's see the difference. First, let's look at the difference between the two situations. I assume this should be a good way to clearly show the difference. Homeowner insurance is what you would need if you both own a home and live in it. A person who on the other hand doesn't live in his or her property but lets it out would need to get a landlord insurance coverage. These are the reasons. Between a tenant and a landlord who would most likely look after the property more? This is the basis of the entire difference. Insurance companies are also aware of the simple fact and base their policy on this. They therefore have to ask some question and factor in some possibilities. If you live in your home and somehow damaged a part of your home, you would not go to make a claim for that because it is in most policies excluded. In fact, depending on the nature of the damage, you could be charged with a criminal charge if you make a claim. If however you make a claim on a damage caused by a tenant, your claim could be honored. Depending on the scope of your coverage, it could come under malicious damage. Given the examples given above, it wouldn't be out of place to think you now understand the difference between the two coverages. Landlords, how can you save money as you get what you need, a landlord insurance policy? The first thing you need to be aware of is that insurer put into consideration the type of people you take in as tenants. A simple rule you can follow in choosing a tenant is the work they do. Professionals are generally regarded to be steady and responsible. whether this is true or not, you want people who would impact positively on your insurance premium. Lastly, be sure to get and compare as much free home insurance quotes as you can. This is a sure way of getting the cheapest possible landlord insurance rates. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. How Do I Start Getting Quotes? Start from these links Affordable Home Insurance Quotes and Free Home Insurance Quotes Chimerenka Odimba is the publisher of several finance based sites. |
| Last Updated on Saturday, 11 September 2010 07:36 |