Is It Time To Revisit Your Insurance?

There have been incredible weather events worldwide from flooding to hurricanes. Insurance is a necessity for investment property. You pay with the hope that you will never have to use it . With all the different emergencies, disasters or problems that can happen to a rental property, perhaps it is time to re-look at the insurance on your property. It is better to be prepared when problems come up.

When did you last review your insurance policy for your rental property?
If you have not within the past year, you should do so immediately and discuss your current coverage and needs with your insurance agent.

If you previously lived in the property, do you still have your homeowner’s insurance covering the property? Did you know that if your resided in the property, moved out and never changed your policy, part or all of your insurance could be invalid.

Do you have a rental/landlord policy? This is a basic fire and liability policy with some “extras” to protect landlords. This is important if you have vandalism, fire or other natural disasters. It is important that your policy pays for lost rent if a property requires rebuilding or rehabilitating.

What items should the liability insurance cover? A fully comprehensive policy will cover injuries on the property, defense of personal injury lawsuits, slander and discrimination. It may not be able to cover everything but landlords should attempt to obtain the most coverage possible.

What about coverage for the Tenant’s contents? Generally, insurance companies do not cover a tenant’s possessions and our tenants are strongly urged to obtain renter’s insurance.

Don’t wait until a problem occurs. To be satisfied there is adequate coverage for any property you own and to reduce liability, review your policy on a yearly basis with your insurance agent.

Emergencies Happen.Our first priority during any emergency is to handle the situation, taking any necessary measures for the safety of your property and your tenants Then, we will contact you as soon as we are able.

Information is deemed reliable but not guaranteed.