The loss of rental income could be a serious problem for landlords who depend on rent payments. The causes of lost income could stem from reasons as varied as damaged property which takes time to repair, improving a property to be in compliance with California law, or a tenant that breaks their lease or otherwise isn’t paying rent.
As a landlord, it’s imperative that you ask the question of any Landlord Insurance: does this policy cover loss of rent in California?
Keep reading to find out more about loss of rent in California and how Landlord Insurance can help to tackle that issue.
What Does Landlord Insurance Cover In California?
For the answer to this question, you will have to examine the details of each specific policy as different insurance companies may offer different packages Generally speaking, a Landlord Insurance policy offers protection for the risks associated with renting property — including the loss of rental income. However, don’t just assume that loss of income is part of the policy. It’s important that you check with your insurer that loss of income is included and that the policy also offers the type of coverage you need.
At Landordinsuranceca.com, our Landlord Insurance does include protection in the event of a loss of rental income.
Our Landlord Insurance provides coverage for:
- Damage caused by fire or natural disasters
- Damage caused by tenants
- Vandalism and intentional damage
- Expenses incurred by property damage repairs and medical payments
- Legal counsel and fees
- Loss of rent
Safeguard Your income
Rent payments are a valuable source of income, and something you could be dependent on in order to make your own payments. Having the right Landlord Insurance will ensure this income supply isn’t interrupted unexpectedly.
California is prone to natural disasters, and no one can predict the future. Safeguarding your income is a smart move to protect yourself in the event of unforeseen difficulties that result in loss of rental payments. The right Landlord Insurance policy will ensure that you are reimbursed for the rent you would have received.
Take a look at your finances and assess what your risk tolerance is, and how much income you are willing to lose. The answer should be zero!
Should I Require Renters To Have Insurance?
In a state like California where renter’s rights are taken very seriously, it’s not a bad idea. Renters insurance is not required by law, but you can make this a part of your rental agreement. Not only will this help your tenants protect their belongings, but it can help protect you and your investment property. It can also help in lowering your insurance premiums.
Speak with an insurance expert to find out more about the liabilities landlords face and the best plan for you and your property.
Rent With Confidence When Landlordinsuranceca.com Has Your Back!
With over 30 years of experience in the rental insurance industry, we are the expert team who can guide you through the entire insurance process and handle all the details.
Are you a new landlord? Check out our previous blog: 5 Things A New Landlord In California Should Know.
We are here to help and we’d be happy to answer any questions you may have about loss of rent in California or anything else. You can also contact us to get a quote.