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Protecting Your Rental Property

Being a landlord can be very rewarding and quite lucrative if done properly. But you need to be aware of issues that arise with the property and be certain that you not liable for any of them. You want to be sure that something that you thought was an investment and asset does not turn into a liability for you and your family.You want to make certain that you have insurance on your property, both casualty and liability. You may need to find a good commercial insurance agent who specializes in rental property insurance, they could point you in the right direction as far as what you need and how much it will cost. Keep in mind that property insurance will not necessarily protect you if someone gets injured on your property.Most insurance will only cover you if your property is involved in some type of disaster such as a fire or other damage. Liability will only protect you if you become responsible for someone else’s losses, for example your tenant. Something to keep in mind is carrying flood insurance if your property is in a flood zone. Umbrella insurance may also be a good option and will protect you from things that the other two insurance types will not.Liability insurance will protect you if someone gets injured on your property, whether it is a tenant or employee of yours. It will also protect you if you are sued for discrimination typically. If you have workers working on your property, it is a good idea to be sure that each one carries a certificate of insurance or workers compensation, you could be setting yourself up for disaster if you do not.Always be sure to review your policy each time it is up for review. You may have good intentions only to realize that you are not properly insured. If disaster does strike at some point in the future, you want to be ready with the proper insurance already lined up. You could be in a world of trouble if something happens only to discover that you did not have the insurance to deal with it.Develop good working relationships with people that will help you in your business, such as real estate attorneys, real estate brokers, property and tax professionals. They can make your life a whole lot easier if you already have these relationships in place when you need them. Renting property is regulated b law, there are a lot of laws that govern the way you do business, you need to be aware of them. There is no excuse for ignorance of the law. Meet with your attorney and accountant at least once a year to be certain you are compliant with everything and doing everything correctly.You may need to have a business license in your city or town where you have your rental business, be sure to go to city hall and find out what the requirements are. Sometimes you will have to have a license for each property, in our particular county, we only need to have one.On a final note, remember that your property insurance will not cover the belongings of the renter who is residing in your house. It may be a good idea to require that the tenant have renter’s insurance in case something would happen. The best way to reduce liability is to make sure that you property is safe. Let your tenants know that you have the right to inspect the property as you feel necessary, be sure it is in you lease and not do it after the fact.Being a landlord can be very rewarding and quite lucrative if done properly. But you need to be aware of issues that arise with the property and be certain that you not liable for any of them. You want to be sure that something that you thought was an investment and asset does not turn into a liability for you and your family.You want to make certain that you have insurance on your property, both casualty and liability. You may need to find a good commercial insurance agent who specializes in rental property insurance, they could point you in the right direction as far as what you need and how much it will cost. Keep in mind that property insurance will not necessarily protect you if someone gets injured on your property.Most insurance will only cover you if your property is involved in some type of disaster such as a fire or other damage. Liability will only protect you if you become responsible for someone else’s losses, for example your tenant. Something to keep in mind is carrying flood insurance if your property is in a flood zone. Umbrella insurance may also be a good option and will protect you from things that the other two insurance types will not.Liability insurance will protect you if someone gets injured on your property, whether it is a tenant or employee of yours. It will also protect you if you are sued for discrimination typically. If you have workers working on your property, it is a good idea to be sure that each one carries a certificate of insurance or workers compensation, you could be setting yourself up for disaster if you do not.Always be sure to review your policy each time it is up for review. You may have good intentions only to realize that you are not properly insured. If disaster does strike at some point in the future, you want to be ready with the proper insurance already lined up. You could be in a world of trouble if something happens only to discover that you did not have the insurance to deal with it.Develop good working relationships with people that will help you in your business, such as real estate attorneys, real estate brokers, property and tax professionals. They can make your life a whole lot easier if you already have these relationships in place when you need them. Renting property is regulated b law, there are a lot of laws that govern the way you do business, you need to be aware of them. There is no excuse for ignorance of the law. Meet with your attorney and accountant at least once a year to be certain you are compliant with everything and doing everything correctly.You may need to have a business license in your city or town where you have your rental business, be sure to go to city hall and find out what the requirements are. Sometimes you will have to have a license for each property, in our particular county, we only need to have one.On a final note, remember that your property insurance will not cover the belongings of the renter who is residing in your house. It may be a good idea to require that the tenant have renter’s insurance in case something would happen. The best way to reduce liability is to make sure that you property is safe. Let your tenants know that you have the right to inspect the property as you feel necessary, be sure it is in you lease and not do it after the fact.