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Do You Have the Right Landlord Insurance?

Eden Landlord Insurance PaperworkFor countless property owners in Eden, the price of landlord insurance can seem like a drain on their pockets. As a matter of fact, a great deal may feel as though they are overpaying for even a basic landlord insurance policy. However, in the event that 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 Eden, it is vital to own insurance that covers a lot 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.

The majority of investors understand the weight of owning insurance coverage to protect 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.

Frequently called fair rental value coverage, this kind of insurance could help restore lost rent payments if your rental property is temporarily uninhabitable following a covered claim. There are landlord insurance policies that include this type of coverage, but 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 price of property damage and specific types 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 some property investors, there are other potential liabilities that require more coverage. In such cases, additional liability coverage may be the appropriate 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 tackle the predicament, you could be held liable for amounts beyond what a basic landlord policy will cover.

On top of all the lost rent and liability, you may need to study and ponder upon special assessment coverage. A special assessment is a fee that is charged by an owner’s association on community association property owners. These special assessments can be added to existing association fees for a variety 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 protects 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 crucial to have a discussion with an insurance expert to get the coverage you need. What is more, as your investment portfolio changes, so should your insurance coverage. It is important to evaluate your insurance coverage annually and make the necessary adjustments to keep you and your Eden rental properties fully protected.

The good news is that Real Property Management Magic Valley can help. We assist property owners with determining which insurance policies and coverage they need for their situation. We can help you reach out to the right insurance professionals who render quality insurance policies at the most competitive rates. With industry experts on your side, you can be confident that you have the right landlord insurance for a long and profitable rental property investing career. Contact us online or call us at 208-734-4001 for more information.

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