Rental Property Insurance Basics

Wed, 25 May 2022 20:00:00 GMT

If you own a rental property, it’s no doubt a source of income for you. Therefore, you want to protect your property with the right insurance coverage. Read on to learn why you likely need rental property insurance, what this insurance typically covers, and why it’s important as a property owner regardless of whether or not you're a full-time landlord.

Why Do You Need Insurance for Your Rental Property?

When you derive revenue from a rental property, you count on that money, whether it’s your entire income or a side hustle. If something were to happen to the property through no fault of your own, what would you do without your rental income? How would you pay for expensive repairs? These and similar things are why rental property insurance exists.

What Does Rental Property Insurance Cover?

Rental property insurance covers single-family homes, duplexes, apartments, and condos owned by you and rented out to others. A typical policy covers the property in the normal ways a homeowner policy does, paying for expenses related to repairs or rebuilding in the event of fire, storms, vandalism, and many natural disasters.

The structure itself is covered by the insurance policy, as well as elements inside the property that are owned by you, such as appliances, furnishings you supply tenants, carpeting, and window treatments. Everything you own that is not property of a renter is typically protected. So, if you rent out a fully furnished property, both the interior and exterior of the home are likely covered by the policy.

Additionally, rental property insurance covers elements of being a full- or part-time landlord that are not included in a conventional homeowner policy. For example, if a tenant causes serious damage to your property and you can’t rent it out, your insurance not only covers repairs but also can cover loss of income until it’s made habitable again.

Liability is also often covered for situations like:

Injuries on your property
Wrongful eviction
Discrimination against tenants
Libel and slander

What About Vacation and Homestay Rentals?

Just because you rent out a property only some of the time doesn’t mean you shouldn’t have rental property coverage. If you own a vacation rental or homestay property (like Airbnb, Vrbo, FlipKey, etc.), you still want to treat it like a business that provides income. Otherwise, you could be on the hook if renters seriously damage your property or take you to court over an alleged grievance.

If you want the peace of mind of knowing your rental property is covered with the right insurance, we welcome the opportunity to talk with you. Call Blue Ridge Insurance at 706-946-2100 to learn more, or simply message us online for a quick quote.

Read the full article at www.blueridgeins.net

Avoiding Water Issues in Your Home

Wed, 18 May 2022 20:00:00 GMT

Rain drops by Pixabay

Water damage is one of the worst problems that homeowners can run into. Not only can it be incredibly expensive to repair, depending on the extent of the damage, but it can also create the potential for mold and mildew to form. This can pose a serious health risk to you and your loved ones, especially if anyone at your home has allergies, asthma, or other breathing problems. Follow these helpful tips to minimize your risk of water issues in and around your home.

Know Where the Shutoff Valve Is

Everyone in your home should know where the water supply shutoff valve is located. In many homes, it is in the garage, in the basement, or along the side of the house towards the front of the property. Make sure that everyone knows how to operate it as well. This way, if you encounter a burst pipe or other complication, you'll be able to turn off the water supply as quickly as possible to minimize the extent of the damage.

Maintain Your Sprinkler System

As long as your plants and lawn are healthy, you probably don't give much thought to your sprinkler system. However, this is one of the most common areas for burst pipes, as plant and tree roots are often strong enough to puncture the pipes and hoses throughout your sprinkler system. When your system is running, take the time to inspect your yard, looking for any areas that are especially wet, as this could be a sign of an underground leak. Fixing the leak not only prevents the damage from spreading to your home but stops your water bills from skyrocketing as well.

Winterize All Outdoor Pipes and Faucets

If you live in an area that is prone to freezing in the winter, it is crucial that you winterize any exposed pipes. Water expands as it freezes, which can rupture the pipes, leading to a massive leak when the water thaws once again. Thermal wrappings for pipes are relatively inexpensive, but they don't last forever. Be sure to inspect them before the cold weather hits each year, replacing them as needed to keep your pipes protected.

The better you are able to keep watch on your water system, the easier it will be to spot any potential leaks before they can cause major damage to your property. So, stay vigilant throughout the year to keep your home safe!

Be Sure You're Covered

If you have any questions about what kinds of water damage are and are not covered by your homeowner insurance, please get in touch with us and we can discuss your current policy with you and help identify any potential gaps in coverage.

Read the full article at www.blueridgeins.net

Insurance News

Rental Property Insurance Basics

Avoiding Water Issues in Your Home