Whether you own your home or own an apartment or multi-family housing complex, you need insurance. Insurance protects you, your property and your tenants in the case of disaster. Likewise, it can protect you against tenants that may or may not pay rent. Nowadays, the majority of renters cannot afford to pay rent if they were to lose their job. This is a high risk for building owners if you don’t have rent guarantee insurance for tenants on housing benefit. Tenants on housing benefit may receive money to cover rent, but they still may have to move from your building. If you’re interested in knowing about house insurance benefits and landlord insurance for housing benefit tenants, this is your guide.
If you are renting out only a part of your home to housing benefit tenants, then you need to keep your home insurance. Regular homeowners insurance is enough for you. Home insurance protects your property against damage from storms, vandalism, fire and any other hazard. Some policies will cover rental income protection and will reimburse you for rent money that you lose.
As a landlord, there are a lot of risks. You could be held liable for someone else’s medical expenses and any damages that occur to the building. Likewise, if your renter loses his or her job, you may be out a rent check. Often, a tenant won’t be able to pay. Now, you can apply for rent guarantee insurance, particularly if you have tenants on a housing benefit.
When it comes to house insurance, you don’t want to go without. House insurance benefits and landlord insurance for housing benefit tenants are too important to miss out on. If you need rent guarantee insurance for tenants on housing benefit, then it’s important to look into landlord insurance. Insuring your property protects you and your tenants.