How Overnight Rental Insurance Protects Investment Property Owners
If you’ve made the decision to become an investment property owner, you already have a good mind for business. You may be exposing yourself to financial risk, however, by not have the proper type of insurance coverage in place for your rental property. Obtaining overnight rental insurance protects you as the homeowner from any damage or liability caused by your renters.
Overnight rental insurance protects your investment property in a few different ways. Property insurance covers damage to the property or its contents, whether causes by renters, fire, a storm or other event. It also covers the theft of items from the property. Liability insurance covers any injuries that may occur to people while on your property, as well as legal fees, settlements or damages awarded by a court of law. Rental income coverage is also available, which covers the money you generate from your investment property in the event that something prevents it from being rented out.
Types of Rental Properties that Qualify
Overnight rental insurance in Knoxville, Tennessee is available on numerous different types of rental properties, including:
- Single-family homes or cabins
- Multi-unit properties
Keeping your investment protected from damage and liability takes away some of the stress of renting your property and ensures that you maximize your profits at the same time. Overnight rental insurance provides protection beyond a basic homeowner’s policy and is a wise investment for any investment property owner.