As we continue moving through another active hurricane season in the Sunshine State, there is no better time than the present to make sure that your Florida rental properties are properly insured.
One of the primary items to consider when purchasing insurance for your Florida investment real estate is the structure. This includes both the foundation and the roof, as well as other buildings that are located on the premises, if applicable.
In addition to the actual structure itself, you should also consider insuring the income that you receive from your rental property(ies). Here, for instance, if a disaster like wind or fire damages the property and it is deemed as uninhabitable until repairs have been made, you won’t be receiving income from your tenants during that period of time. With that in mind, be sure that you also inquire about rental income protection, too.
Should your tenant(s) – or for that matter, anyone who enters your property (inside or out) – become injured, having good liability coverage is a must. This can help to cover medical expenses, as well as various legal costs that you may incur.
As far as the contents of the properties go, if the furniture and other items of personal property belong to the tenant(s), then it is up to them to secure a renter’s insurance policy. This type of coverage will help to reimburse them for losses if their possessions are destroyed.
Even if your rental properties don’t ever sustain any type of major damage, it can still be time-consuming for you to tend to the day-to-day requirements, such as tenant management, rent collection, and regular maintenance.
But working with an experienced property manager can allow you to stay focused on your most profitable activities, while at the same time ensuring that your real estate investments are running smoothly.
Want more details on how a property management team in Orlando / Central Florida can benefit you? Just contact us today for information.