thought about being a landlord, whether you have a private residence, or even an apartment investment property, you really have to be prepared on all aspects of renting out to other people. You can either try to control and maintain the property yourself, or have an agency do most of the foot work for you. There are other things that you need to consider as well.
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In order to protect your assets, you need to make sure that your building is covered, as well as any liability from a tenant that might get injured and even appliances such as the refrigerator, washer and dryer, or heating and cooling systems. You may be wondering how you can protect yourself as well as your building and this is done with Landlord insurance.
There are many types of this, from home owner's, which covers damage to your rental property. This means that if there is a fire, flood, or even if a tree falls on the building, you are covered. There is appliance, which is different than home owner's, because this covers your major appliances if they happen to break down, even in the middle of the night. If something happens, depending on how much cover and the voluntary excess, you may not even have any out of pocket expenses at all. The next and most important type is liability. This actually covers you if something happens on your property, from you tenants, or even people who may be passing by.
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