If you’re relying on rental real estate investments for a steady stream of incoming cash flow, the last thing you want to worry about is having to pay for costly damages or losses. With that in mind, it can be beneficial to purchase a landlord insurance policy.
Landlord insurance is a type of coverage that can protect a property owner from financial loss that is connected with rental real estate. In addition to just covering the structure, though, landlord insurance may also insure items inside of the building that belong to you.
There are a number of perils that can be covered via landlord’s insurance, such as damage due to a fire, flood, earthquake, and / or lightening strike, as well as accidental or malicious damage that is caused by your tenants.
You may also be able to add optional coverage for the cost of alternate accommodations (if your tenant must vacate the property during repairs), legal protection, rent guarantee coverage, and even acts of terrorism.
It is important to note that landlord insurance will not usually cover any of the personal property that belongs to the tenant. (This is typically covered by a renter’s insurance policy). However, landlord’s insurance may provide coverage for the legal expenses that your tenant(s) could incur if they suffer a loss that the landlord is actually responsible for.
There is a long list of items that landlords need to be mindful of – and this can make managing rental real estate somewhat time consuming. Because of that, it could be beneficial to consider hiring a professional property manager.
A property management team can take on the tasks of collecting rent, as well as ensuring that repairs are made, and emergencies are attended to. So, if you own rental property in Orlando and / or the Central Florida area, Contact Us for more information on the many services we offer for investment property owners.