By Donn Sharer | February 10, 2021
3 Areas Landlords Must Have Covered
Happy Insurance Tip Tuesday! In today’s booming real estate market, more and more people are becoming homeowners and, with that, landlords! In today’s video, Donn walks us through the 3 most important areas that landlords must make sure they have covered.
Lease: Whether you’re renting to a new tenant or just to friends and family, it’s important that you create an official lease. This document will be useful if your tenants choose to sublet or if you have any payment issues.
Insurance: Make sure both you and your tenant are insured! Some landlords choose to take out a liability policy to cover their tenants in the event of an accident, whereas others require their tenants to purchase their own renter’s insurance. Whichever you choose, it is crucial to make sure that both you and your renter are protected!
Ownership: Private ownership of a rental property could put you and your personal assets at risk of being sued. Sometimes, it may make sense to set up corporate ownership to limit your risk to the property’s equity. If you’re unsure, speak with a local attorney to determine the best way to set up ownership for you.If you’re a new landlord and haven’t yet looked into tenant or renter’s insurance, we’re here for you! Give us a call at 609-971-9725 and we’d be happy to help you out.