Are you thinking about renting your property and don’t know where to start?
So far, you have identified the type of rentals you prefer. Identified how much maintenance your property will need and whether you will rent it furnished or unfurnished.
That now brings us to another important area to consider when preparing for a rental. INSURANCE!!!
Tip #6
Insuring your rental property..
So your property is now just about ready for rental, but you need to make sure you have the right Insurance coverage to protect you, your client and any other persons that may visit the property.
There are many Insurance companies in Barbados so like with everyting else you should shop around to make sure you get the one who offers you the right coverage at the right cost. And remember just because it’s big doesn’t mean it’s better. The smaller insurance companies may also offer plans that suit your needs and budget.
There are two types of coverage for a rental property. property and liability.
Property protection usually includes coverage for the actual dwelling and its structures as well as the landlord’s personal property. For example, if your rental property suffers damage from a fire or other covered perils, your insurance policy will help you pay for repairs.
Liability protection, on the other hand, will help you pay for medical or legal fees in case someone gets injured on the rental property premises and you are found responsible.
Also remember when choosing a plan to ask about contents insurance as well since everything inside your property is part of your investment especially the higher priced items.
A good insurance plan is a must.