Insurance is more important for every landlord to have than ever before especially in light of recent natural disasters like the wildfires in California and hurricanes in Texas which caused Property owners millions of dollars in damages.
If you’re just getting started with owning rental properties or are thinking about renewing your Insurance Policies this article will provide you with tips on insurance policies every landlord should have.
This form of insurance protection is more important than ever before for landlords. Standard homeowner’s insurance will not provide adequate insurance coverage should damages occur in the home while it’s being rented out.
The key to success with choosing a landlord insurance policy is to choose a policy which will provide coverage for “all risks” because this will also cover you financially in the event you lose rental income.
Flood insurance is another excellent insurance policy to have because it will protect your home in the event of flash floods or a nearby river that overflowed and is now flooding your town.
You should absolutely have windstorm insurance if you live in a coastal or desert area that’s prone to high winds during the year.
Vacant Property Insurance
Another common insurance policy that most San Diego property management companies and retail property management companies across California will agree on is vacant property insurance. This insurance policy will protect your rental property if it’s been damaged by vandals, squatting, flooding or mold after sitting vacant for 60 days or longer.
Every property owner in California should have fire insurance because it will cover the cost of rebuilding the structure which was destroyed by fire including all of the contents of the property.
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For professional property management in Southern California contact Utopia Management today by calling us at (858) 598-1111 or connect with us online through our website.
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