If you own a home, apartment, or rental real estate properties it is extremely important to have mortgage or landlord insurance. Owners of property are liable for anyone who gets hurt on that property. If someone falls down the stairs, breaks an arm, or strains their back, the landlord can be held responsible.
Lawsuits continue to rise in the United States. For investor that own property, there is a 1 in 3 chance that this year they will have a lawsuit file against them. For this reason most financial advisors suggest that property owners have and keep landlord insurance. This will not only cover injuries but also any damage done to the property especially in terms of natural disasters.
It is often tough to find insurance companies which offer an affordable policy to investors who rent property. These companies realize that renting can be a huge liability and more trouble then it is actually worth in profits.
Landlord insurance will cover any bills that you, as a landlord are found liable for. For example, if you are sued by the parents a child who fell down your building's front steps you will probably be found liable for the not just the injuries and medical care but also emotional distress.
Once you are sued and the other tenants find out about it, there will more accidents and more court cases. Insurances helps deter the costs of unjustified lawsuits including any awarded damages and also legal fees.
Court cases can be fairly damaging and your finances can suffer. In theory a court can award so much money to a victim that you will be required to liquidate your assets. If you want to protect your family and yourself from lawsuits you may want to consider getting insurance on your rental properties.
Even if you do not own property and just have a home of your own. You can also be found liable for accidents which happen on your property. Do you have slippery front steps in the winter time? Or an uneven sidewalk?
Each of these imperfections can cause great harm to a visiting individual and cause you to be found liable for injuries, damaging, emotional distress, and time off work in a court of law. Protect your assets today. If you do not have landlord or mortgage insurance speak to a local insurance agent today and secure your hard earn money.
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