Tags: annuities, income, retirement portfolio

Take Out Landlord Insurance​

October 26th 2020

Take Out Landlord Insurance

No matter if you are new to real estate investing or already a part of this community, taking out landlord insurance should be on your radar. Obtaining landlord insurance is the best thing you will do to your investing in real estate business these days when everything is so uncertain. It will protect you from some legal and financial risks, the cost of which can be so great, that even many investing in real estate can afford to bear.

 

What Is Landlord Insurance?

 

Landlord insurance is specifically available to safeguard landlords from possible risks or potential worrisome tenants that may arise from their rental property business.

 

 

Reasons Why You Need Landlord Insurance Right Now

 

Landlord insurance will be your best defense in any claims on your rental property. Examples of covered losses (but you still need to check your exact policy to ensure your loss is covered): Typically covered losses:

- loss of rents

- injury that occurs at the property

- death that occurs at the property

- physical damage to your property,

- legal expenses, 

 

During these unpredictable coronavirus times, landlord insurance will be your on the go insurance plan that will cover almost all the necessary aspects. After having landlord insurance, you can easily rent your property without fear of losing your real estate investments from loss.

 

 

What Else Does Landlord Insurance Cover?

 

Properly written landlord insurance policies will be comprehensive and have these core protections:

  • Coverage due to the ravage of natural disasters or irresponsible tenants.

  • Coverage of the rent money you would otherwise receive if your property was livable but now has become inhabitable.

  • Coverage if your tenant comes up short on the rent or cannot pay it (especially now due to job loss)

  • Flood insurance add on, if you are in a high flood zone and have a mortgage, this is likely required due to natural disasters but it can also help cover local back ups in standard landlord policies, if you elect

  • You can also include other areas endorsements according to the requirements of your business property like contents coverage and the like.

  • In some states like California you will be offered supplemental earthquake insurance by the California Earthquake Authority

  • Just like with homeowners policies, there are exclusions and endorsements for example if you are in wooded areas or at the interface of urban wildlife you may need to consider the California fund for high wildfire areas or other state specific funds.

 

The Bottom Line

 

 

Investing in real estate can be lucrative. Anything worth having doesn’t come easy. The great part about landlord insurance is in the right hands tyoull be able to count on your plan. If you know how to find an excellent realtor or financial planner who can handle your landlord needs, you are among the luckiest ones. What if I tell you that your wish has also been fulfilled. Exciting right?

 

Contact Lea your wise and caring realtor, (323) 435 - 3398

 

I am the idea behind the first Artificial Intelligence commercial real estate fintech company and an investor who has run the #1 Airbnb in both the city of Rancho Mirage in Southern California outside Los Angeles and the #1 Airbnb in Sonoma, CA outside San Francisco in California.

You can also contact my other team at Boracchia Wiviott Wealth Partners, an award winning registered investment advisory: https://financialplans.info/. So work with us. Let us guide you to the right financial plan or home :)

 

It's time to take a sigh of relief and let us handle your money making potential, the possibilities are endless. Until then, keep making wealth... 

Investing in real estate can be lucrative. Anything worth having doesn’t come easy.

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Lea Wiviott Boracchia, Co-Founder, FinancialPlans.Info and InvestingProfits.Pro, both apart of the renowned Boracchia Wiviott Wealth Partners

We are a registered investment advisory focused on accessible wealth planning for everyone. Our mission is to help women, men and people of all ages, races, locations, and anyone plan and secure their most successful future. We were originally established in 2005 by way of 3 firms before my husband Marc and I registered our independent advisory in California.

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