Skip to Content

Do You Have the Right Landlord Insurance?

Sterling Heights Landlord Insurance PaperworkFor numerous property owners in Sterling Heights, the price of landlord insurance can seem like a burden. In reality, a lot of them may have the feeling that they are overpaying for even a basic landlord insurance policy. Except 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 Sterling Heights, it is crucial to possess 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.

So many investors comprehend the importance of obtaining insurance coverage to guard 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 named fair rental value coverage, this sort of insurance may help replace lost rent payments if your rental property is temporarily uninhabitable following a covered claim. Some landlord insurance policies incorporate 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 several types 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. However, for some property investors, there are other potential liabilities that require more coverage. In such instances, additional liability coverage could very well be the best decision. For instance, 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 approach the problem, you could be held liable for amounts beyond what a basic landlord policy will cover.

On top of lost rent and liability, you may want to look at special assessment coverage. A special assessment is a fee imposed by an owner’s association on community association property owners. These special assessments can be added to 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 crucial to consult with an insurance expert to obtain the coverage you need what is more, as your investment portfolio changes, so too should your insurance coverage. It is important to review your insurance coverage annually and make the modifications required to keep you and your Sterling Heights rental properties fully protected.

The good news is that Real Property Management Silverstone 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 assured that you have the right landlord insurance for a long and profitable rental property investing career. Contact us online or call us at 586-992-6419 for more information.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

The Neighborly Done Right Promise

The Neighborly Done Right Promise ® delivered by Real Property Management, a proud Neighborly company

When it comes to finding the right property manager for your investment property, you want to know that they stand behind their work and get the job done right – the first time. At Real Property Management we have the expertise, technology, and systems to manage your property the right way. We work hard to optimize your return on investment while preserving your asset and giving you peace of mind. Our highly trained and skilled team works hard so you can be sure your property's management will be Done Right.

Canada excluded. Services performed by independently owned and operated franchises.

See Full Details