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Do You Have the Right Landlord Insurance?

Fort Worth Landlord Insurance PaperworkAs for so many property owners in Fort Worth, the costs correlated with landlord insurance can seem like an obstacle. Some may have the opinion that they are overpaying for even a basic landlord insurance policy. Notwithstanding, 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 Fort Worth, it is crucial to own insurance that delivers 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.

A great deal of investors recognizes the point of acquiring insurance coverage to protect their investment in the event 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.

Oftentimes called fair rental value coverage, this form of insurance may repay lost rent payments if your rental property is temporarily uninhabitable following a covered claim. Some landlord insurance policies offer this type 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 expense of property damage and various kinds of liability. Many landlord insurance policies hold coverage for medical or legal costs if a tenant or guest is injured as a result of the property’s condition. Yet for some property investors, there are other potential liabilities that require more coverage. In such cases, additional liability coverage may very well be the fitting alternative. For instance, if a tenant experienced a break-in while they are renting one of your properties or engages in illegal behavior and you do not take immediate action to address the concern, 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 study special assessment coverage. A special assessment is a charge that is given by an owner’s association on community association property owners. These special assessments can be combined with prevailing association fees for a variety 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 type of insurance protects 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 vital to turn to an insurance specialist to prepare the coverage that is right for you. Also, as your investment portfolio changes, so too should your insurance coverage. It is necessary to analyze your insurance coverage annually and implement the necessary changes to keep you and your Virginia Beach rental properties fully protected.

The good news is that Real Property Management Meridian can help. We help property owners with resolving 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 confident that you have the right landlord insurance for a long and profitable rental property investing career. Contact us online or call us at 817-678-8787 for more information.

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