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Types of Coverage You Should Consider
When insuring your rental property, it's crucial to understand the different types of coverage available. Here are some key options to consider:
- Property Damage: This covers damages to the building caused by events like fire, storms, or vandalism.
- Liability Insurance: Protects you from legal and medical costs if a tenant or visitor is injured on your property.
- Loss of Income: Compensates you for lost rental income if your property is temporarily uninhabitable due to a covered event.
- Optional Coverage: Includes protection against natural disasters, equipment breakdown, or tenant default insurance2.