For some property owners in Glendale, the burden of landlord insurance can be overwhelming at best. Inevitably, a great deal may believe that they are overpaying for even a basic landlord insurance policy. Regardless, on the off chance 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 Glendale, 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 know the advantage of acquiring insurance coverage to safeguard their investment in there should be a possibility 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 called fair rental value coverage, this sort of insurance may help replace lost rent payments if your rental property is temporarily uninhabitable following a covered claim. Some landlord insurance policies comprise 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 consequence of property damage and other particular 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 could very well be the optimum 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 issue, you could be held liable for amounts beyond what a basic landlord policy will cover.
Other than lost rent and liability, you may want to study what special assessment coverage is. A special assessment is a fee charged by an owner’s association on community association property owners. These special assessments can be included in an already existing association fee 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 fundamental to talk to an insurance expert to get the coverage you need. Furthermore, as your investment portfolio changes, so too should your insurance coverage. It is very critical to evaluate your insurance coverage annually and apply the necessary alterations to make sure that you are doing all that must be done to keep you and your Glendale rental properties fully protected.
Luckily, Real Property Management Vision can help. We help property owners in understanding and making sense of 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 confident that you have the right landlord insurance for a long and profitable rental property investing career. Contact us online or call us at 818-233-8789 for more information.
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