Green Ocean’s Single and Multifamily Insurance
Reading Time: 2 minutes Insurance is one of those topics that nobody really enjoys talking about, much like going to the dentist, but it is necessary. Having a commercial single family or multi-family property is different than owning and living in it yourself. Things that you should know about Single and Multi-family Insurance Typically, single…
Insurance is one of those topics that nobody really enjoys talking about, much like going to the dentist, but it is necessary. Having a commercial single family or multi-family property is different than owning and living in it yourself.
Things that you should know about Single and Multi-family Insurance
Typically, single families or multiple families will have basements that are at risk for water damage that came up from the foundation. Some of the policies will cover this or you might have to add it as an endorsement.
Make sure you speak to your agent. Your agent should understand investment insurance. Let them know your property is rented. We have really important coverage called loss of rents. If your tenants are displaced from the property, they will continue to pay your rent to the amount that you agreed to. If the rent is for $3,000, they’ll pay you up to $36,000 a year. When you still have your bills, your taxes, your water, anything that needs to be paid but your tenants are out there, and you don’t have income, your insurance policy will step in.
In conjunction with the case above is called tenant displacement. When your tenants are displaced in a situation like a flood or a fire or something caused by nature, you want to make sure that your policy will cover a certain amount of helping them move out. It is a really tough time for them. As a landlord, you are more or less responsible for helping them figure out to find another place. Fortunately, if you provide receipts, your insurance will cover those displacement costs.
Let’s recap
When you have insurance, water backup, loss of rents as well as tenant displacement are some of the things that can be covered for you as a landlord. There are different types of coverage in the market. It depends upon where your property is. Whether it’s in a flood zone, or you’re dealing with wind or hail or hurricanes, make sure that you understand your policy and more importantly, what it protects you for.
If you do look for a property manager that wants to help you out and to be able to make sure that you’re protected, you can think of Green Ocean Property Management. With Green Ocean Property Management, you get more than a property manager, you get peace of mind
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