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Do You Have the Right Landlord Insurance?

Virginia Beach Landlord Insurance PaperworkFor numerous property owners in Virginia Beach, the charges associated with landlord insurance can feel like a problem. In particular, several may have the impression that they are overpaying for even a basic landlord insurance policy. However, 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 Virginia Beach, it is critical to have insurance that takes in 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 recognize the significance of getting 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.

Sometimes also called fair rental value coverage, this class of insurance may compensate lost rent payments if your rental property is temporarily uninhabitable following a covered claim. Some landlord insurance policies carry 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 price of property damage and several 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. Yet for some property investors, there are other potential liabilities that require more coverage. In such events, additional liability coverage may very well be the appropriate option. For example, if a tenant experienced a break-in during the time that they are renting one of your properties or engages in illegal behavior and you do not take immediate action to approach the matter, you could be held liable for amounts beyond what a basic landlord policy will cover.

Other than lost rent and liability, you may want to look at special assessment coverage. A special assessment is a charge that is imposed by an owner’s association on community association property owners. These special assessments can be added to current 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 significant to turn to an insurance expert to get the coverage you need. In addition, as your investment portfolio changes, so too should your insurance coverage. It is vital to examine your insurance coverage annually and apply the adjustments needed to keep you and your Virginia Beach rental properties fully protected.

The good news is that Real Property Management Hampton Roads can help. We assist property owners with determining 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 757-395-4274 for more information.

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