As the owner of rental property in Florida, the prediction that 2018 may bring about an active hurricane season is not likely good news for you. But, being properly prepared for heavy storms can help you to at least reduce some of the possible damage, as well as the potential cost.
One way that real estate investors can help to keep damage-related expenses down is by carrying home owners insurance. But not just any policy will take care of all the costs that are incurred due to hurricanes.
Generally, a home owners insurance policy may help to cover damage that occurs as the result of the actual storm itself. This could include lightning, wind, and / or hail. That being said, though, damage that is caused by the after-effects such as flooding may not be covered…which actually encompasses much of the destruction due to a hurricane.
With that in mind, it is absolutely essential that you read over your policy carefully, and that you understand what would be covered as the result of a hurricane, and what would not be. Having this information ahead of time – as well as purchasing additional coverage that could help with filling in any of the coverage “gaps” – could essentially be worth thousands, or more, in potential out-of-pocket costs.
During an active hurricane season, Florida landlords may also find themselves taking a great deal of time ensuring that their properties and their tenants are well prepared. In order to free up that time, yet still make sure that everything is in-tact, you could turn to an experienced Central Florida property manager.
In doing so, your tenants will have someone to rely on 24 / 7, while you are able to take care of other pressing needs. For more information on how working with a property management team in the Orlando area can benefit you, give us a call today.