Looking to make some extra cash?
A growing number of people are renting out condos or homes as a revenue stream. It’s a great way to build some extra income. But if you’re contemplating doing this, make sure you include personal injury as part of your insurance coverage.
If you’re leasing a single family dwelling to someone you’ll need a landlord’s policy, but it you’re leasing a condo to someone else, you’ll need to get what’s called a “condo rented to others” policy. In either case, you must make sure that personal injury has been added to your policy. This protects you if your tenant claims wrongful eviction. And whether you know it or not, California law typically sides with tenants – until a landlord can prove he’s in the right, that is. So this isn’t something you want to be dealing with.
But don’t think you’re off the hook just because you don’t rent a home or condo to someone. You also need personal injury coverage as part of your homeowner’s insurance in the event you’re accused of libel or slander. Who knows what someone might falsely accuse you of saying on Facebook or other social media sites? If you have teenagers, the chances of this scenario happening increases significantly.
It’s vitally important that you inform your insurance agent that you want this kind of coverage because this coverage is often overlooked; you need to be proactive. Personal injury coverage could save you a lot of grief down the road.
For more information on this topic, visit insurancescv.com or call Carol Smith at 661-803-3803.