If you own rental property, you’ve probably already heard a bunch of your friends, family members, and other colleagues telling you – you need insurance for it. First time rental property owners might be thinking that rental property insurance in New York isn’t all that essential, but there are some great benefits that come along with buying a policy. If you’re wondering why you need to buy property insurance, this list of top advantages should get you to make the right decision.
Benefits of Rental Property Insurance in New York
- Maintain the Value of Your Property – The look and function of your property will add to its value. If the pipes aren’t clogged, if the heaters are working fine, if the furnace is in peak condition, odds are, you’re more likely to get a renter. Even if your property is currently being occupied by a tenant, you will want to make sure that everything is running smoothly to avoid those disgruntled calls and complaints in the middle of the early morning. If you buy rental property insurance in New York, you will be able to access funds to help you keep your property in top shape at all times. Don’t allow those damages to get worse and to cause even more expensive future repairs. Make sure you protect your property investment with enough insurance.
- Save Yourself from Liability – Let’s say you called someone in to make a few deliveries to your rental property. Maybe you bought a few furniture pieces to increase your property’s value. Whatever the reason might have been, if and when a person injures himself on your property, the expenses will be your responsibility. The last thing you want is to become the focus of a messy court battle or lawsuit. Have the right funds to help you through those troubling times and make sure you have enough liability coverage with your rental property coverage.
- Keep You From Incurring Losses – For example, a fire broke out in the neighborhood where your rental property is located, or mould developed because of moist conditions causing you to declare your property unlivable. You should assume that you won’t be making a profit for a while, especially that there isn’t anyone currently renting out your property. But if you have rental property insurance, you might be able to get coverage for those times that your investment property stops generating profit for certain acceptable reasons.