Whether you own a commercial or residential investment property, most property management companies in Tampa, FL will tell you that having the right type of insurance coverage on your property is one area of property management that should not be neglected. For most property owners, it is a requirement to have adequate property insurance, but having the right type of insurance is what really matters.
By definition, property insurance is a type of insurance that provides protection for a building or structure as well as its contents. Depending on the individual policy, this protection may cover items such as signage, criminal activity, glass damage, and more. After a property owner has acquired a policy with an insurance company, the policy owner agrees to pay a premium in exchange for compensation in the event of damages or losses. The specific types of damages and losses that an insurance company agrees to cover are usually outlined within the policy.
HOMEOWNER’S INSURANCE
There are many different types of insurance policies that are available for a property owner to choose from. Many investment property owners are under the false impression that a standard homeowner’s insurance policy will cover their rental property regardless of who is living in it. When it comes to homeowner’s insurance, this is not always the case. Most homeowner’s insurance policies extend coverage for owner-occupied residences only. In the event that a claim is made with the insurance company while the residence is occupied by a tenant, the insurance company may deny the claim.
RENTAL PROPERTY INSURANCE
For rental property owners, standard homeowner’s insurance is very risky. The best option is rental property insurance. Like other property insurance policies, rental property insurance covers building structures, and their contents in addition to damages or losses resulting from the negligence of tenants including the costs of repairing or replacing damaged items such as carpets, furniture, and other household items.
To ensure that your asset is properly protected, it is highly recommended to seek the experience and guidance of professional Tampa property management companies. An experienced Tampa property management company such as Wise Property Management will be able to guide you through the process of selecting the appropriate insurance for your investment property.
For information on our property management services, please call us today at (813) 968-5665.