There are many different kinds of landlords and sometimes it can be difficult to know when you’ve crossed the landlord threshold. If you’re just renting a room to your brewing buddy, does that make you a landlord? The typical answer is yes but you may not need a full blown landlord insurance policy. What if you’re renting out a condo near the Riverwalk? Milwaukee landlord insurance can keep your investment safe, and protect your bottom line if you ever face a lawsuit.
There are two parts to a basic landlord insurance policy.
Depending on the nature of your rental structure, building coverage will protect you against any damage that occurs. Renting out a house may require double checking whether the garage and guest house out back is covered as well. But, if you own a condo complex, developing the master policy will take more time. You need to understand what’s covered by the Milwaukee landlord insurance policy and what portion is the renters’ responsibility.
Liability coverage will protect you in case there are any accidents or injuries on your property. If you’re sued, it will also help cover legal fees and any settlements, protecting your personal assets. If you aren’t renting out a furnished unit, you will not need personal property protection but there are other forms of coverage that may be worth investigating.
Finding the right combination of policies is only the first step in securing complete coverage. You can go online and find multiple insurance quotes, but how do you really know when you’ve found a good price? Using online averages seems simple but many don’t include deductible amounts, coverage limits, or other aspects that are crucial to the right kind of policy.
A Trusted Choice® member agent can help you find a policy that fits within your budget by comparing various forms of Milwaukee landlord insurance quotes. Member agents work independently, using a variety of reliable sources, whereas a “captive agent” can only quote from a single source. If you need affordable Milwaukee landlord insurance, contact a Trusted Choice independent agent to get the information you need.