Have you ever wondered the difference between landlord insurance and the regular homeowner insurance coverage? The difference between paying a steep or cheap price as a homeowner could lie in knowing the difference between these two. Let’s see the difference.

First, let’s look at the difference between the two situations. I think that would be the easier way to understand the difference in the two coverages.

Homeowner insurance is what you would need if you both own a home and live in it. If however you own a home but do not live in it rather you have it rented out to a tenant, then you would be needing a landlord insurance. To understand better, we need to know why.

Who is likely going to take more care of my house? My tenant or me? That is the base of the argument. Insurance companies are also aware of the simple fact and base their policy on this. They therefore have to ask some question and factor in some possibilities.

If you live in your home and somehow damaged a part of your home, you would not go to make a claim for that because it is in most policies excluded. In most cases, making such claims could resulting in the insurer filing charges against you for trying to defraud. On the other hand, should one of your tenants cause a damage to your property, you could make a claim and be paid on your claim. Your being payed would basically depend on the extent of coverage you have.

I am sure the above points has shed more light on the issue.

Let’s try to look at ways to save on this type of policy. The landlord insurance policy.

The first thing you need to be aware of is that insurer put into consideration the type of people you take in as tenants. You would do well to consider more of professionals and people with a steady and disciplined life style since this would impact positively on your insurance rates.

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