How to make a Landlord’s Insurance Claim in Nigeria
Landlord’s Insurance is an insurance claim that protects your properties as a landlord. It is a wise decision in building a house and renting it out, but it’s quite good in also purchasing a landlords insurance claim.
Why you need a Landlord’s Insurance as a Landlord
The term Landlord’s insurance isn’t protecting the landlord’s life, no it’s reimbursing the landlord’s properties from damages, losses, burglary theft, fire outburst, or vandalizing of your rented properties that have been insured.
The landlord’s insurance claims not just there to protect the landlord’s properties alone, sometimes it protects landlords from criminal acts from the renters or guides landlords from the lawsuit.
The Basics of Landlord’s Insurance
While making a Landlord’s insurance claim, you should be sure to pin down all the features of the rented home, like the new tiles replacement on the floor which would make you raise the price as well. The cost of the rental home will be determined by the replacement cost calculation and this has nothing to do with the land. Any of your possessions around the rental area as a landlord should be covered by the landlord’s insurance policy.
Any electrical gadgets that are not permanently fixed to the house such as, refrigerators, working tools, dryers, washing machine etc. should also be included in the policy. The policy also sees to the coverage for any rent payment made in the house and also protects the house against any lawsuit.
Cases of In-Home Rental
It is very wise to go for a review of home insurance policy in cases where you rent some portion of your house like the garage, or the basement or your boy’s quarters, in order to know if the insurance really covers the rentals.
This will enable you to figure out either to go for home insurance or the landlord’s insurance. In cases where the unit only has a separate entrance, it’s then good to go for landlords insurance only for that area. Your tenants at this point could get a rental insurance from you.
How to make a Landlord’s Insurance claim
In cases where your properties are been damaged by storm or fire, don’t hesitate to call your agent in order to make the claim under your landlord’s insurance policy. Ensure the safety of your tenant and most importantly, secure your properties and belongings in order to prevent future damages.
To make a landlords insurance claim, you need to present a copy of your lease to your insurance agent and the full list containing the items you have insured. This is to determine the total amount of money that would be reimbursed to you in cases of damages.
In most companies, you might be asked to bring an estimate of the rentals, so be very careful to keep those documents containing the estimates in full. Always take care of any problem involving the rentals as soon as possible because if lingered, more controversies steps in.