When to Buy Landlord Insurance?

As a landlord, I can tell you when to buy landlord insurance. Last year, I planned to purchase a property and decided to give it on rent. I was then told by my lawyer friend that I had to obtain landlord insurance prior to finalising the purchase of the property or before the first renters moved in. He said landlords are protected from any risks by this sort of insurance from renting out their houses.

What is the Right Time to Buy Landlord Insurance?

If you're also a landlord, your rental property is most likely a sizable investment. Let's say an unexpected circumstance prevents your property from being rented. In that scenario, you might be responsible for weeks or even months' worth of lost rental income in addition to the expense of repairs. 

My friend added that the following are the ideal times to obtain landlord insurance:

• Before Closing on a New Property

According to him, it is common for landlords to purchase landlord insurance, which goes into effect on the same day as the rental property closing.  

• Prior to the Tenants' Arrival

When you first start renting out a property is the perfect time to purchase landlord insurance. My friend informed me that you can prevent coverage gaps that might subject you to financial risks by getting landlord insurance before you begin renting out your property.

Additionally, he told me that landlord insurance can cover a range of situations, such as loss of rental income, liability claims, and property damage. You can breathe easily realising that you are covered financially in case of any unanticipated events if you have this insurance coverage in place from the start.

I hope this clarifies your doubts about when to buy landlord insurance.