In order for us to understand two important points, let us first define what is landlord insurance and malicious damage. In this way, we will be able to determine how they are connected with each other. Landlord insurance covers financial losses of a property owner. This would include buildings and other essential stuffs of the owner inside that specific property. On the other hand, malicious damage is an intentional harming or any property by tenants.
Renting of properties is prone to malicious damages
Property rental is one type of business. There are so many properties that could be lease in which the duration depends on the agreement of the landlord and the tenant. A contract is usually signed by both parties to seal their agreement especially on how a tenant should be responsible on the property he just rented.
Obligations are listed on the contract.
Property owners who engage in this type of business should secure a landlord insurance because it could protect the owner from any financial losses caused by the damages that could be done be the property renter. This would cover everything and even if it is not in the contract as long as the property is insured, any malicious damage will be addressed and should be settled in the court.
Examples of the common malicious damages
Properties do not only cover building structures but even autos and any other things. As long as you hold the certificate of ownership, you are the legal owner of such stuffs. Malicious damages occur when there is an intentional harm imposed to that specific property like cars that paintworks have been destroyed.
Vandalism on apartment walls is also one of the most common malicious damages. Once that property is insured with this landlord insurance, you will be saved from any financial losses since the insuring company would take good care of the damage or the person responsible will face the consequences.
Insurance companies offer landlord insurance for malicious damage
If you want to secure all your valuable properties, being insured is very necessary. This will never be a waste of money because malicious damages are very prone to happen and once you are able to secure your property with the right insurance, then you need not to worry if there would be any damages that will occur.
You could get quotes from insurance companies on how much they will allot for any malicious damage once you will avail their offered landlord insurance. Depending on your property, you need to assess first, on how much you need and select the best insuring company who could meet your demands.
Even if insurances of any type would cost you monthly monetary obligations, it will never be a waste of time and money because you are just making sure that your property is in safe hands. No matter what will happen to that property, you can be sure that you will not be paying for any damages you did not do but just let the landlord insurance settle that malicious damage for you.