Insure Your Investment!

Have you spoken to your insurance agent about what kind of coverage you should have? Whether you are turning your primary residence into a rental property or purchasing a property as an income property, you will want to talk to your insurance agent about what coverage makes sense for you. In today’s ever-changing market, you want to make sure your investment is protected. No matter how well you screen a tenant, you never know what might happen while renters are living in your investment property. Ask your agent about a Landlord Insurance policy rather than a Homeowner’s policy.  Some additional coverages that might be considered with a Landlord policy are:

• Coverage for the Dwelling: Dwelling coverage may cover damage as a result of vandalism, fire, or broken water heaters. Some more expensive policies may cover other damage caused to appliances or property equipment and damage caused by spiteful or negligent tenants.
• Coverage for Personal Property: Personal Property coverage is fashioned to cover damage to your personal items on the property (not the tenant’s). This could include window treatments or light fixtures, for example. If you rent a furnished home, this is especially helpful.
• Coverage for Liability: Liability coverage is designed to help with expenses associated with any injuries that occur on your property as a result of your negligence.
• Coverage for Floods: Regardless of whether your property is in a flood-zone or not, having additional flood coverage is important. This goes beyond dwelling coverage and can protect you from damage caused by rain, broken pipes, or tenant negligent plumbing issues.
• Coverage for Acts of Nature: Depending on your property’s location, you may need special coverage to cover acts of nature. Dwelling coverage is limited and may not protect you against extreme weather damage, falling trees, or other acts of nature.
• Coverage for Loss of Income: If issues arise that that prevent the property from habitability, you may be in a position where you can no longer collect rent from tenants until the issue is remedied. Some policies will allow you to receive lost rental income for a limited time until the property is rentable again. These policies typically do not cover lost rent due to evictions.
• Coverage for Legal Fees: Legal fee coverage is there to help cover the costs associated with legal counsel in the event a tenant sues you or you need representation for rent money owed or ignored eviction notices.

All Properties LLC is an independently-owned and operated Residential Leasing and Property Management company and Real Estate Brokerage. Brion Fortune, the owner, has been a  Property Manager in the Greater Denver area since 2015. As a local Denver Property Manager, he understands the needs of his clients and offers hands-on property management services throughout the Greater Denver area. Brion has his Real Estate license and can also help with your home search or investment property search. As an independent Denver Property Manager, Brion will manage your rental property with the care and diligence you expect in an active rental market like that of Denver's current market. If you're in need of leasing and/or property management services and you're looking for an independent Property Manager in the Denver area, look no further! Contact All Properties LLC for all of your hands-on Property Management needs. We are a proud, LGBTQ-friendly business.