Any type of real property should be insured against potential damages. This is particularly the case in areas like Central Florida where the likelihood of natural disasters like hurricanes exists. But, while you can protect yourself and your investment with property insurance, what about the personal items of your tenants? This is where renter’s insurance comes in.
A renter’s insurance policy will provide coverage for personal possessions of the tenant in case of damage and / or loss. In addition, this type of insurance policy can also offer protection from lawsuits if someone is injured in the home or apartment unit and files a lawsuit.
The price of a renter’s insurance policy is typically quite affordable – and is well worth it, knowing that a tenant’s personal items, including furniture, electronics, and clothing are covered…just in case.
Unlike a regular home owner’s insurance policy – which is required by most mortgage lenders – it is not mandatory for your tenant(s) to purchase renter’s insurance protection. At least not by the state. However, as a landlord, you may require your tenants to obtain a renter’s insurance policy before you allow them to move into your property.
Dealing with tenant and property issues – as well as the amount of required paperwork, such as drawing up leases and tracking the income and expenses associated with your investments – can be a very time-consuming task. But it doesn’t have to be.
Working with an experienced property management team can allow you to focus on other things, while at the same time knowing that your real estate investments are running smoothly. If you own rental real estate in Orlando and / or the surrounding Central Florida area, give us a call to learn more about the benefits of turning over the maintenance and management tasks to a property manager, while still generating income from your investment(s).
