Owning investment rental property, including apartments, condos or townhomes, can be a profitable enterprise. Whether you own a large apartment complex or are renting out a second home, it is important to protect your investment with a comprehensive landlords insurance policy.
Keep Your Investment Profitable
As a landlord, your rental property only produces income if you have tenants. Unfortunately, accidents that cause damage to your property can dramatically impact your ability to maintain tenants – fires, flooding and severe storm damage can quickly make your property uninhabitable, ending your ability to collect rent.
A well written landlords policy can help to alleviate lost rental income after a covered incident. This benefit can be invaluable in the event of severe damage to the property as repairs can take months to complete. Having lost rental income covered could be the difference between your ability to pay the mortgage on your investment or losing the property altogether.
Explore the Many Benefits of a Landlord Policy
In addition to providing coverage for lost rental income, landlord policies offer a number of other benefits:
- Replacement costs: Large apartment complexes and rental homes can require a great deal of maintenance, especially in the event of a hail storm or severe wind. Windows, siding and other external parts of your building can require replacement following a storm. Your landlords policy offers protection against the costs associated with these repairs.
- Significant damage repair: In the event of a fire or flood inside your building, significant repair will likely be necessary. These repairs can quickly become overwhelming and lead to hardship on your behalf. Landlords policies provide coverage for fires, floods and other unforeseen events, giving you the support you need to make repairs without dramatically impacting your bottom line.
- Protection against liability: If a tenant or visitor is ever injured on your property as a result of a defect in construction, you may be held liable for medical costs resulting from an injury. Landlord policies provide protection against said liability and often offer financial support during any legal proceedings that may result from an accident.
Consider your unique property. Protecting your investment requires careful planning and a well written policy. If you don’t have one, or if you aren’t sure if your coverage is adequate, give us a call or visit our offices in Juneau and Mendenhall Valley.
Do you own property? What risks do you face? How do you protect your investment?