Rental properties can be a great investment. However, investment properties you own in places such as Berlin, CT can come with their share of risks. One way you can go about protecting yourself from risks is to carry insurance through us at Bogden Insurance Agency.
Here are four important reasons for carrying homeowners insurance on a rental property:
1: Protect the Property
The homeowner’s insurance will protect the property. This means that damages caused by things like fire, storms, or vandalism will be covered. You can have repairs done that you may not have been able to afford without insurance.
2: Liability Coverage
Liability coverage in Berlin, CT from a company such as Bogden Insurance Agency will also protect you from legal and financial losses that would happen if someone were to injure themselves while they were on the property. Slips and falls are just one example of the types of liabilities you’ll be protected from.
3: Rental Income Loss
When you have a rental, you will count on the income from that rental that your tenants pay. If there is damage to the rental that prevents the tenants from staying there, then this means you won’t have that income any longer. When you carry insurance on the property, you can also be protected from the loss of rental income. This means you’ll be protecting your income as a whole.
4: Protection For Your Furnishings
If you provide furnishings or appliances in the rental, the insurance can protect those items. This means if they end up being stolen or damaged, then you will have insurance to help cover the cost of repairing or replacing them. If you are ready to get insurance for your rental property, we at Bogden Insurance Agency can help.