QUESTION
do i need to have landlord insurance if my home is paid off?
Asked on Jul 09th, 2015 on Real Estate - Virginia
More details to this question:
I have a property that I want to rent out in Virginia the home is fully paid off does the state obligated me to carry landlord insurance or can I not have insurance at all if I want? is there a law stating any of this because I know that if you have a mortgage you are required to have insurance please help
1 ANSWER
There is no law requiring landlord's insurance but you'd be out of your mind to not have it-just for example, a client of mine had an unknown mold issue and a tenant got very sick-without insurance, he would have paid out many thousands of dollars. Lenders require insurance where there is a loan, but if your propery is lien-free, it's your decision...but it's truly a no brainer-get the insurance. I would not rent out property without it.
Answered on Jul 10th, 2015 at 12:24 PM