Benefits of renters insurance for landlords

If you have a rented property and are thinking of taking out renters insurance, that’s a good idea! This type of insurance will give you peace of mind.

Having a renter’s insurance offers you legal protection during the term of the contract.

In addition, it can be a key factor in boosting the rental market and benefiting you as a landlord.

But… What are the benefits of taking out rental insurance? We detail them in today’s blog.

Why renters insurance?

What do you think is the worst thing that can happen when renting your home? Possibly, what worries you most is a situation of non-payment of the agreed rent.

You should know, then, that Unespa, the insurance sector employers’ association, states that non-payment situations occur in just over 6% of cases. However, the most frequent occurrence is damage to the interior of rented properties.

So, there are several benefits of having renters’ insurance. What are they?

• You will continue collecting the rent, no matter what: Having a renter’s insurance will ensure the collection of the monthly rent, even if the tenant is not responsible.

• Protection against acts of vandalism: If some kind of vandalism occurs in your property, you will be protected against damage, loss or theft of elements of the property.Pay special attention to the clauses of the policy to avoid unforeseen events.

• Legal assistance: In the event that something goes wrong, such as the rental contract, you will not have to pay more money if you end up going to court with the tenant. This guarantee usually provides telephone advice for any doubts that may arise, such as the drafting and review of legal documents, eviction requests, claims for non-compliance, criminal, legal or civil liability defense.

• Home maintenance: As we mentioned, damages to the interior of the home are the most common. Therefore, having a renter’s insurance policy allows you to insure any repairs to the property. You will have a technician at your home who will fix the damages, both those that occur during the rental period and if the tenant does not leave the property in perfect condition at the end of the contract.

If after knowing all the benefits that hiring a rental insurance will bring you, you need advice, in KM2 Real Estate Services we will be happy to help you.

Discover our insurance service for the real estate sector on our website and contact our agents.