Buying and managing a rental property can be an exciting endeavor.
Owning an apartment or condo building can provide supplemental income or even allow you to change careers completely. Owning rental property can be an incredibly rewarding experience that provides for a very flexible lifestyle.
But with many rewards comes a fair amount of risk.
To cover your bases and reduce your exposures as a property owner you must, of course, get property insurance to protect you and your tenants from loss. However, property insurance can be somewhat limiting. It’s important to understand exactly what the insurance covers. But even more important is understanding where risk still lies, and how you can combat it.