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Do You Have the Right Landlord Insurance?

Henrico County Landlord Insurance PaperworkFor numerous property owners in Henrico County, the charge of landlord insurance can resemble trouble. Essentially, countless people may sense that they are overpaying for even a basic landlord insurance policy. Yet if you are a rental property investor with only basic coverage, you may not have enough insurance to protect yourself and your property from disaster. For landlords in Henrico County, it is critical to have insurance that includes more than just your rental house. Getting coverage for lost rent, full liability, and surprise special assessments can help ensure that you have the right insurance for your situation.

Almost all investors understand the virtue of obtaining insurance coverage to safeguard their investment just in case of a significant loss. Storm damage, fire, and other events can result in extensive repairs and make the property uninhabitable for a period. With a basic landlord insurance policy, there is nothing you can do to protect yourself from the lost rent. This is where fair rental income protection comes into play.

At times it is also termed fair rental value coverage, this class of insurance may aid you in lost rent payments if your rental property is temporarily uninhabitable following a covered claim. Certain landlord insurance policies integrate this sort of coverage, but several do not. If yours does not, and lost rent is a concern for you, then it is important to investigate adding fair rental income protection to your base policy.

A comprehensive landlord insurance policy will protect you from the charge of property damage and specific kinds of liability. Many landlord insurance policies include coverage for medical or legal costs if a tenant or guest is injured as a result of the property’s condition. Nevertheless, for some property investors, other potential liabilities require more coverage. Situations like this, additional liability coverage may be the right option. For example, if a tenant experienced a break-in while renting one of your properties or engages in illegal behavior and you do not take immediate action to confront the issue, you could be held liable for amounts beyond what a basic landlord policy will cover.

Aside from lost rent and liability, you may choose to look at special assessment coverage. A special assessment is a charge asked by an owner’s association from community association property owners. These special assessments can be accumulated for a range of projects, covering necessary repairs or improvement projects in the building or neighborhood. To dodge the unwelcome surprise of a large special assessment, property owners can purchase special assessment insurance, sometimes called title insurance. This sort of insurance guards your property against special assessments that were not included in the original purchase documents. If your rental properties are subject to homeowner’s association fees, this is one type of insurance that property investors should seriously consider.

To protect all your assets, it is pivotal to deliberate with a coverage specialist to obtain the protection you need. As your investment portfolio changes, so does your insurance coverage. It is pivotal to evaluate your insurance coverage annually and make the modifications needed to keep you and your Henrico County rental properties fully protected.

The great news is that Real Property Management Richmond Metro can help. We support property possessors with deciding which insurance policies and coverage you need for your situation. We can hook you up with insurance professionals who provide quality insurance policies at the most competitive rates. With industry experts on your behalf, you can be assured that you have the right landlord insurance for a long and profitable rental property investing career. Contact us online or call us at 804-417-7005 for more information.

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