As a landlord of a residential property, you need protection from financial losses, which may result from a property damage due to break in, extreme weather or even break-ins. A landlord insurance provides coverage for property owners, who are renting out one or more residential homes, condos, and apartments.
There are insurance covers that can help you cover the loss of income in the event that your residential unit becomes uninhabitable due to circumstances that are beyond your control.
Landlord insurance protects owners from the damage to their property and from liability claims. Following are a few examples that would explain how landlord insurance work:
landlord liability example
Consider a scenario, where a visitor visits your property. While, on your property, if the visitor falls because he tripped over his own shoelaces, as the landlord you don’t have the liability claim on your hands.
If the visitor is staying with one of the tenants that the landlord has leased his/her house too, falls on a slippery floor, the landlord here as well is not likely to be held responsible. This incident will probably fall under the renter’s liability insurance.
The landlord might have a liability claim on their hands if the visitor tripped due to negligence on landlord’s part, such as broken stairways in the landlord’s building or icy walkways. The visitor may file a claim against your landlord insurance policy to cover the medical costs. The landlord insurance can cover costs up to limit of the policy after the deductible amount is paid.
Rental damage property example
Consider an event in which a lightning strikes an apartment and starts a fire causing a substantial damage. In cases like these, a landlord insurance can help one pay for the repairs or rebuilding.
You need to consider the fact that as the landlord, your property damage coverage has limits. Remember that you will have to pay for the deductible first before you get any reimbursement from the insurer. If your insurance covers for loss of income, you can be compensated for the rental income you might lose during repairs.
Ask the insurance agent if you can add coverage for tenant damage. If this is not possible, take a rental deposit when the tenant signs for lease.
To get more information and advice to find the right coverage that matches your insurance needs, get in touch with a local insurance agent. They can guide you in the right direction and might also provide you free landlord insurance quotes from different companies.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.