Are you considering putting your apartment up for rent ? What is home insurance and which one should you take out? Who is responsible for paying the insurance for a rented apartment ? Is it compulsory to take it out? If you are wondering any of these questions, do not hesitate to take note of all the information that we tell you today!
First of all, you must bear in mind that the conditions of the insurance for a rental apartment that are offered to owners or tenants will vary depending on the needs that each of these figures demand.
Today we share with you a very interesting article that will be very useful to you whether you find yourself in this situation or if you are considering renting your flat in the future.
Homeowners Rental Insurance
With the evolution of the housing market, buying a flat to rent has become a very interesting option for which many owners bet to get more out of their economy and achieve profitability.
Rental insurance consists of a policy that is responsible for assuring the owner or lessor of the property the legal defense of their rights. In the event of any problem such as non- payment by the tenant of both rent and supplies, the contracted insurance company will cover all these unforeseen events, in addition to guaranteeing legal advice.
Once the owner of a home has made the decision to rent a flat , he must pay attention to the rental contract , in which the clauses that comprise the insurance for a rented flat will be established .
Home insurance will vary depending on who is the person who signs the contract. What is the reason for this issue to occur? Quite simply, the owner and the renter do not purchase the same insurance. Therefore, each one of them will have to face the payment of the corresponding contract. In today's article we are going to focus on the advantages and coverage that you, as the owner, can enjoy thanks to rental insurance .
How to contract rental insurance for owners?
Hiring insurance for a rental apartment is a very simple, fast and efficient process, and can be done through an Internet platform.
The data and information that you must provide for the policy to enter into force will be your personal data and information about the property to be rented . You must also indicate the exact date from which you want the insurance to cover all your needs. Once you have all this information filled in, you will have to make the requested payment and your company will confirm the acceptance and the beginning of the term of your home rental insurance .
Home insurance is responsible for covering the continent, content and civil liability. Let's see what each of them consists of:
Insurance of a flat for rent for the continent
The continent refers to the property specifically, its structure, walls, floors and facilities. The owner is the person interested in covering all these aspects of the home, in order to achieve optimal maintenance and perfect conditions. In addition, Law 29/1994, of November 24, on Urban Leases establishes that the repairs necessary to maintain habitability conditions will be borne by the lessor , except that they have been caused by some bad action by the tenant.
Home insurance to cover the content of the apartment for rent
If the owner of the home rents the property furnished , contracting rental insurance will allow you to guarantee coverage for its contents : kitchen, furniture and even television. In this case, if damage occurs to them, the tenants will not have to face these expenses , once the insurer is aware that the person who is going to reside in the apartment is not its owner.
Civil Liability of the apartment for rent
Hiring a policy with civil liability offers protection to the owner against damage that the home itself may cause to third parties. What are the causes to which this protection will be provided? Well, a clear example is that a fire occurs due to a short circuit . In this case, the owner will be protected and will not have to face the expenses derived from any of these claims.
Is it mandatory to take out insurance for a rental apartment?
Unlike other types of insurance, such as car or motorcycle, contracting a policy that covers the home is not mandatory , except for having contracted a mortgage (in this case we will be obliged to contract home insurance ). However, it is highly recommended because both the owner and the tenant can be sure that they are covered by protection in the home.
Our homes are one of the spaces in which we spend the most time. Therefore, not having a home policy that covers our protection in the event of any accident or problem is, for us, a mistake.
In conclusion, hiring home insurance , despite not being mandatory, is a safe and profitable investment in the long term , since in the event of any inconvenience, we will have to face considerable expenses.
What are the home insurance coverages for the owner of the rented apartment?
Leasing a flat can bring some risks for the owners, such as possible damage that irresponsible tenants can cause in their home , that they incur in non-payment of the rented flat and also own risks and incidents of the use of the home.
Prior to contracting home insurance , the owner of the apartment for rent must inform himself and know what are the coverages that he will be able to enjoy. This policy offers legal protection to the owners of rental homes during the time that the signed contract is in force.
Some of the main coverages included in the apartment rental contract are the following:
Mitigation of a large part of the risks of renting the apartment.
Continuous legal advice and support while the contract is in force.
Drafting service and review of legal documents with the aim of preventing and avoiding eventual conflicts.
Ensure the eviction of the apartment due to non-payment of rent.
Claim for not complying with the clauses stipulated in the lease.
Claim for damage to the rented home.
Contact a law firm to resolve any issue.
After reading all the information that we have prepared for you, allow us to ask you if you are aware of the advantages of taking out home insurance for your rental apartment . If you are looking for profitability and not to take risks or incur in legal breaches related to your property, this option will be of great help to you.
Hiring rental insurance will be the solution that will offer you the necessary protection and peace of mind when renting your home . A professional team in this sector will be at your disposal to advise you and help you in any unforeseen event that may arise in relation to the rented home.
Rent your flat from the hand of Pro Realty
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At Pro Realty we have a commitment to homebuyers . For this reason, we offer added value and provide a quality service so that all our clients can find and enjoy the home of their dreams among our real estate developments .
If your idea is to know the value of your rental property and receive a professional opinion on its marketing capabilities, contact us to receive a free valuation without any commitment . Find out how much your property is worth!