For more than a few property owners in Theodore, the expense of landlord insurance can appear like a burdensome responsibility. A lot of people may sense that they are overpaying for even a basic landlord insurance policy. Although if you are a rental property investor with only basic coverage, you may not have enough insurance to protect yourself and your property from disaster. For landlords in Theodore, it is noteworthy to have insurance that secures not only your rental house. Getting coverage for lost rent, full liability, and surprise special assessments can help ensure that you have the right insurance for your situation.
A great number of investors appreciate the ideology of obtaining insurance coverage to maintain their investment in the event of a significant loss. Storm damage, fire, and other events can result in extensive repairs and make the property uninhabitable for a period. With a basic landlord insurance policy, there is nothing you can do to protect yourself from the lost rent. This is where fair rental income protection comes into play.
Sometimes it’s also named fair rental value coverage. This form of insurance may help replace lost rent payments if your rental property is temporarily uninhabitable following a covered claim. Specific landlord insurance policies consist of this form of coverage, but several others do not. If yours does not, and lost rent is a concern for you, then it is important to investigate adding fair rental income protection to your base policy.
A comprehensive landlord insurance policy will protect you from the charges of property damage and other kinds of liability. Many landlord insurance policies include coverage for medical or legal costs if a tenant or guest is injured as a result of the property’s condition. But for other property investors, other potential liabilities require more coverage. In such cases, additional liability coverage may be a good selection. For instance, if a tenant experienced a break-in while renting one of your rental houses or engages in illegal behavior and you do not take immediate action to tackle the issue, you could be held liable for amounts beyond what a basic landlord policy will cover.
Aside from vanished rent and liability, you may want to check special assessment coverage. A special assessment is an amount exacted by an owner’s association on community association property owners. These special assessments can be added to existing association payments for different causes, like necessary repairs or improvement projects in the building or neighborhood. To evade the unwelcome surprise of a large special assessment, property owners can purchase special assessment insurance, sometimes called title insurance. This kind of insurance secures your property from special assessments that were not included in the original purchase documents. If your rental properties are subject to homeowner’s association fees, this is one type of insurance that property investors should seriously consider.
To protect all your assets, it is pertinent to ask an insurance expert to help you the purchase the coverage you need. What is more, as your investment portfolio changes, so as your insurance coverage. It is pertinent to study your insurance coverage annually and make the changes required to keep you and your Theodore rental properties fully protected.
The enjoyable news is that Real Property Management Azalea City can help. We help property landlords with resolving which insurance policies and coverage you need for your situation. We can introduce you to insurance professionals who offer quality insurance policies at the most competitive rates. With industry pros on your side, you can be guaranteed that you have the right landlord insurance for a long and profitable rental property investing career. Contact us online or call us at 251-345-6224 for more information.
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