It doesn’t matter if you just purchased your first investment property in Central Valley, or you’ve owned rentals for years, every landlord must have insurance because it’s what protects the landlords best interests.
If you’ve never purchased insurance for your investment properties before, this article will provide you with tips on which insurance policies that you should have for your rental properties.
If you’re planning on renting out your investment property to tenants on a regular basis, you’ll need to look into landlord insurance coverage. Insurance policies designed specifically for landlords provide protection not only for your property, but added protection for financial loss and obligations associated with your rental property. Similar to homeowners insurance, landlord insurance will help cover the property itself and your liability when it comes to the tenants who live at the property.
Depending on the insurance company you choose and the options included in your policy, there are a variety of coverages that may be included. Personal property coverage can help protect belongings used to service the rental property if you choose to rent the space furnished, where legal fee coverage can help protect you if you need legal representation regarding a lease agreement with a tenant. Not every landlord will choose to include every available coverage option on their policy; it is up to you to decide how much you want to spend in order to manage costs for damage or liability associated with your investment property.
Property Management Insurance
If you plan to manage multiple rental properties as a business, your insurance needs will once again change. If you are involved professionally in renting residential real estate, managing rental properties for others or contracting services for rental property owners, you’ll likely need to look into property management insurance coverage. Property managers need to have insurance that covers their business, their clients, their tenants and the properties they manage. If you’re simply a real estate investor or private owner renting out your home, look toward landlord insurance instead of property management insurance.
Contact RPM Central Valley
To learn more about the property management services we can offer you contact RPM Central Valley today by calling us at (209) 572-2222 or click here to connect with us online.