Many times, building an estate takes time and requires sacrifices, so if youAre you considering renting your house or apartment?the best is that consider some aspects before you put it up for rent, especially since you don’t want your new tenants to destroy your home or refuse to pay for damages.
So, to rent your home safely, the National Commission for the Protection and Defense of Users of Financial Services (Condusef) recommends that you consider the take out home insurance for landlordswhich will allow you to protect your heritage and lease it without worries.
And it is that, a renter’s insurance will allow you to protect yourself of the possibility that your tenants do not want to pay the rent, but it also protects you in case you need to initiate any legal process due to the refusal of your tenants to vacate your house or apartment when requested.
What does home rental insurance cover?
This type of insurance is offered by practically all insurers and bonding companies and protects your house or apartment in the event of a natural disaster or incidents such as fires, explosions, floods, earthquakes, theft or vandalism, gas leaks, toxic gases, hail or snow. , chemical spills and others.
But, renter’s insurance also offers you other benefits, depending on the one you choose, that’s why Save Insurance classifies them as follows:
Home insurance. This type of rental insurance will allow you to protect your home in the event of accidents such as the ones we already mentioned and pays you for partial or total damages. This is the basic insurance to protect your home.
Damages to third parties. This type of insurance allows you to cover expenses that are generated by some carelessness that corresponds to you as a landlord, for example, water leak, electrical failure, or any maintenance failure or negligence, so it covers damages both to your tenants and to the neighbors.
loss of income. This insurance is very functional, because in the event that your house is damaged due to an accident or because your former tenants left it in uninhabitable conditions, the insurer pays you the rent that you stop receiving while the house is damaged.
Non-compliance in rents. If you do not want to deal with delinquent tenants, this insurance for landlords pays you the overdue rent and also takes care of the collection by legal or extrajudicial means, without costing you an extra peso.
Support with the rental contract. Almost all rental insurance offers you advice to make a good sales contract, which supports you in case of incidents, they also help you investigate that the tenant’s documents are in order and help you vacate the property in case the tenant do not comply
What renters insurance does not cover. Although the insurance covers your property in case of natural disasters, it does not cover the belongings of the tenants, so, in the event of a fire, flood or similar, those expenses would have to be covered by you or by taking out renters insurance.
So, if you are thinking of taking out rental insurance, the Condusef shares some suggestions that you can take into account, but you can also approach your trusted insurer and ask about the service.
Finally, and as we already said, when taking out insurance they can advise you on all the points you must cover before renting your house or apartment, but just in case, you need to check that the person you plan to rent from has financial solvency and have their papers in order.
It may interest you
Do not forget that the rent is through a contract that allows you to guarantee the integrity of your home and that is beneficial for both. Within the contract you can establish the conditions in which you deliver the house and if you can make improvements to the house, with prior mutual agreement, on account of the rents or as they decide.
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