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Do You Have the Right Landlord Insurance?

Paper reading “landlord insurance” resting on a desk.Several property owners find the cost of landlord insurance to be quite high. Many individuals may feel that they are overpaying for even a basic landlord insurance policy. However, if you are a rental property investor with only basic coverage, you may need to consider getting extra insurance to protect yourself and your property from tragedy.

It is important to consider getting insurance that covers more than just your rental house if you own a rental home in Atlanta. Comprehensive coverage for missed rent, full liability, and unexpected special fees can ensure that you have the right insurance for your situation. You can rest easy knowing that your investment is fully protected.

Incidents may require significant repairs

A lot of investors grasp the value of getting insurance coverage to protect their investment in the event of significant financial loss. Storm damage, fire, and other events can make the property uninhabitable and lead to extensive repairs. Unfortunately, a basic landlord insurance policy does not provide protection for lost rent. This is where fair rental income protection comes into play.

Protect your cash flow

This type of insurance may help replace lost rent payments if your rental property is temporarily uninhabitable due to a covered claim. It is also known as fair rental value coverage. This type of protection is part of some landlord insurance policies, but not most of them. If yours does not, and lost rent is a concern for you, it is advisable to investigate adding fair rental income protection to your base policy. This additional coverage provides you with financial security, allowing you to feel confident that your income is protected even in the face of unexpected events.

Additional liability coverage

A comprehensive landlord insurance policy will protect you from the cost of property damage and certain types of liability. Several landlord insurance policies offer coverage for medical or legal fees if a tenant or guest is injured due to the property’s condition. Nevertheless, some property investors may require extra safety measures due to other potential accountabilities. In these situations, additional liability coverage may be the best option. For illustration, if a tenant experiences a break-in while renting one of your properties or is engaged in an illegal activity and you do not take immediate action to address the issue, you could be held responsible for more than what a basic landlord policy will cover.

Special Assessment Coverage

In addition to lost rent and liability, it is critical to consider special assessment coverage. A special assessment is a fee charged by an owner’s association on community association property owners. These special assessments can be applied to present association fees for many reasons, such as improvements and maintenance that need to be done in the building or neighborhood. Property owners can purchase special assessment insurance, sometimes referred to as title insurance, to stay away from the unwelcome surprise of a large special assessment. This insurance protects your property from special assessments that weren’t part of the original purchase documents. This is one type of insurance that property investors should seriously consider if their rental homes are liable for homeowner’s association fees.

Talk to a professional

To protect all your assets, it would be a good idea to consult with an insurance expert about getting the necessary insurance. In addition, as your investment portfolio changes, so should your insurance coverage. It is not just important but also empowering to review your insurance coverage annually and make any alterations that are essential to keep you and your Atlanta rental properties fully protected. This approach ensures that you have complete control over your insurance needs at all times.

At Real Property Management Greenway, we are here to help Atlanta property owners navigate the world of insurance policies and coverage options. We can connect you with professionals offering quality insurance policies at the most competitive rates. When you partner with industry experts, you can be sure that you have the perfect landlord insurance for a long and profitable rental property investing career. Contact us online or at 770-771-6102 to get more details.

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