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Do You Have the Right Landlord Insurance?

Weston Landlord Insurance PaperworkTaking the opinions of so many property owners in Weston, they would probably say that the cost of landlord insurance can often feel like a burden. As a matter of fact, several of them may believe that they are overpaying for even a basic landlord insurance policy. Nevertheless, 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 Weston, it is important to have insurance that covers more than just 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.

Most investors recognize the importance of getting insurance coverage to safeguard 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.

Occasionally termed fair rental value coverage, this kind of insurance may help recoup lost rent payments if your rental property is temporarily uninhabitable following a covered claim. Some landlord insurance policies include this type of coverage, but many 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 responsibility of property damage and particular 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. Nonetheless, for some property investors, there are other potential liabilities that require more coverage. In such cases, additional liability coverage may be the exact choice. For example, if a tenant experienced a break-in while renting one of your properties or engages in illegal behavior and you do not take immediate action to approach the subject, you could be held liable for amounts beyond what a basic landlord policy will cover.

On top of lost rent and liability, you may well want to look at special assessment coverage. A special assessment is a fee levied by an owner’s association on community association property owners. These special assessments can be incorporated into standing association fees for a number of reasons, including necessary repairs or improvement projects in the building or neighborhood. To avoid the unwelcome surprise of a large special assessment, property owners can purchase special assessment insurance, sometimes called title insurance. This type of insurance keeps 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.

In order to protect all your assets, it is necessary to confer with an insurance expert to understand the coverage you need. Furthermore, as your investment portfolio changes, so too should your insurance coverage. It is essential to evaluate your insurance coverage annually and make the adjustments necessary to keep you and your Weston rental properties fully protected.

The good news is that Real Property Management Premier can help. We support property owners with determining which insurance policies and coverage you need for your situation. We can connect you with insurance professionals who offer quality insurance policies at the most competitive rates. With industry experts on your side, you can be assured that you have the correct kind of landlord insurance for a long and profitable rental property investing career. Contact us online or call us at 954-362-5235 for more information.

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