While you may be familiar with homeowner’s insurance and rental property coverage, there is another type of protection that you should consider if you own residential rental units. That is landlord insurance.
There are any number of potential perils that could come up when you own investment property – such as physical damage caused by tenants and legal issues due to an injury. These can be costly in terms of both time and money.
But having a landlord insurance policy can help. This type of coverage can cover some or all of the expenses that have to do with repairing or replacing the property following a fire or other natural disaster, we well as legal fees if you are sued by a tenant who has been injured on the premises.
Depending on the policy, you may also be covered for additional expenses like lost rental income if your tenant(s) have to vacate the property for a period of time while damage is being fixed.
It is important to note, though, that this type of insurance will not typically cover the personal items in the property that belong to the tenant. In this case, tenants should carry a renter’s insurance policy.
Owning rental property can provide a way to generate one or more income streams. But doing so can also come with a myriad of both expected and unexpected expenses. With that in mind, if running and maintaining your Florida rental properties is taking too much of your time, you may want to consider bringing a property management team on board.
At Incentive Properties, we offer a wide range of services, including rent collection, marketing for (and screening) potential new tenants, move-in and move-out inspections, and emergency maintenance and repairs.