Most landlords prefer to own a rental property because it is an attractive investment. But owning a rental property also carries untold risks. You need to insure your property against unexpected circumstances and occurrences like water or fire damage. You even need liability coverage to protect yourself in case someone gets injured while on your property. In addition, your lenders might ask for rental property insurance if there is an existing mortgage on the property.
Allstate provides the right lender insurance coverage designed to protect your rental property in line with your needs. The policy provides appropriate protection for detached private structures, dwelling protection, as well as liability. This ensures that you are completely protected and you can have peace of mind while also protecting your investment.
Optional Rental Insurance Coverage offered by Allstate
The rental insurance coverage protection against earthquake damage and also provides water damage protection. The plan can also cover your appliances and rental income. Various forms of water damage protection are offered here. The available options include limited sewer backup, enhanced water damage, groundwater and sewers, and groundwater, sewers and overflow of body of water coverage. The option that would be available to you depends on your province.