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Do You Have the Right Landlord Insurance?

Oakmont Landlord Insurance PaperworkFor some property owners in Oakmont, the cost of landlord insurance can often feel like a weight you are forced to carry. Indeed, a lot may think that they are overpaying for even a basic landlord insurance policy. In any case, 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 Oakmont, it is imperative to have insurance that incorporates 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.

Most investors know the benefit of acquiring insurance coverage to secure their investment 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.

Sometimes also called fair rental value coverage, this sort of insurance might help supplant lost rent payments if your rental property is temporarily uninhabitable following a covered claim. Some landlord insurance policies consist of this type of coverage, but many 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 expense of property damage and specific sorts 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. For some property investors, there are other potential liabilities that require more coverage. In such cases, additional liability coverage might be the right decision. 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 address the issue, you could be held liable for amounts beyond what a basic landlord policy will cover.

Other than lost rent and liability, you may need to look at special assessment coverage. A special assessment is an expense imposed by an owner’s association on community association property owners. These special assessments can be added to existing affiliation charges for an assortment of reasons, including necessary repairs or improvement projects in the building or neighborhood. To avoid the unwelcome surprise of a large special assessment, property owners can purchase special assessment insurance, sometimes called title insurance. This kind of insurance shields your property from 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 essential to counsel with an insurance expert to get the coverage you need. Additionally, as your investment portfolio changes, so too should your insurance coverage. It is critical to examine your insurance coverage annually and make the adjustments necessary to keep you and your Oakmont rental properties fully protected.

Fortunately, Real Property Management Three Rivers can help. We assist property owners with figuring out which insurance policies and coverage you need for your situation. We can connect you with insurance professionals who offer quality insurance policies at the most competitive rates. With industry experts on your side, you can be certain that you have the right landlord insurance for a long and profitable rental property investing career. Contact us online or call us at 724-804-8254 for more information.

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