Welcome to Leeton Vintage and Veteran Car Club (LVVCC).
Landlord insurance is an important form of protection for those who own property and rent it out to tenants. It’s an intelligent financial decision that provides security against unexpected events, irresponsible renters or a similar unpredictable situation.
Without landlord insurance, you open yourself up to a variety of legal and financial consequences that can drain your finances. What follows are four reasons why you should purchase a landlord’s insurance policy.
Homeowner’s Insurance Is Not Enough
If you file a claim with your property under your homeowner’s insurance policy for a property that’s rented, they likely won’t cover it. Landlord insurance is needed if you are no longer the full-time resident of the home. In general, if you rent it for more than a month out of the year, it’s a smart idea to get landlord insurance https://www.youi.com.au/home-insurance/landlord
If your tenant gets hurt on the property and it is discovered that it was due to something you failed to repair or replace even though it was a known issue, they can sue you for damages to cover the cost of medical expenses. Liability coverage on your landlord policy protects you in incidents like this, so your finances aren’t drained if you are held responsible for something that happens to your renters, visitors or even a trespasser. It also protects you in case you are found responsible for another person’s property damage. For example, if you, as the landlord, neglect to fix a leaking pipe and it causes flooding and mold/mildew problems on your tenant’s furniture or belongings, they can file a liability claim against you, and your landlord insurance helps pay that out.
As with homeowner’s insurance, landlord insurance policies offer protection from common accidents, including fire, wind, theft or ice damage. Others offer you protection for your personal belongings that remain at your rental property, including appliances, water heaters, and heating/cooling systems.
Lost Income Coverage
Landlord insurance may cover income loss if the property becomes unlivable due to some sort of accident or tenant negligence. Many landlord insurance policies include fair rental income insurance to help provide you with income if the property can’t be rented.
In summation, landlord insurance is a necessity if you’re renting property regularly. It’s a smart solution to protect you from extensive financial and legal repercussions that occur as the result of an accident, tenant negligence, or other incidents.
Car Insurance – How You Affect What You Pay
When you own a car and want to drive it on the road in the United States, it is important that you have the right amount of car insurance to back up any problems or accidents you may have. But did you know that there are two major factors that may play a big role in how much you pay for car insurance? Those factors are basically who you are and the area in which you live in. Read more to find out just why these two things can easily affect what you pay for insurance for your vehicle.
Men versus Women
When you are a male under the age of 25 shopping for Youi car insurance rates, statistically you are going to end up paying the highest premium. Statistics have shown that men in this age group are the most likely to get involved in a car accident, so an insurance plan will charge more to insure them until they hit the “magic” age of 25. Women of the same age who buy a car insurance policy will usually pay less.
A married man will also pay less for car insurance than his single counterpart. While some states will not discriminate due to age or sex, women still statistically come out with a better rate.
Where you Live
When you are looking for a new place to live or decide to try your luck in another state, we are betting you didn’t know it could affect your car insurance plan! But it can. When you choose an urban area, it comes with heavier traffic and a greater population, which leads to the possibility of more accidents. In turn, a car insurance company will charge both men and women a higher rate on their premiums. Not only is this due to the possibility of more motor vehicle accidents, higher rates are due to increased thefts in these states. Florida, New York and Massachusetts are three states that have high car theft rates, resulting in increased car insurance premiums for those who reside there. A car insurance company will usually set their rates by the zip code you provide. So living in a small suburb outside of a larger city will generally get you a better rate on your insurance plan.
These are two factors to consider when you need a car insurance plan and are trying to find one that suits your needs and budget.