Protecting Your Investment Property with the Right Insurance Coverage
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.
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.
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Couldn’t have asked for better service. It’s NEVER this easy dealing with property management companies. Great Job! Thanks so much!
Cody Glass from the accounting department was very helpful and professional with a lot of courtesy to help me to understand and set up a new payment process.
I work with Wise on a regular basis, as the nature of our business requires quick turn around times. They are kind and helpful when you need something.
I have always received great service from Wise. Any time I need help someone always answers the phone and directs me to the right department.
My name is George Florence, I am the Board President of Villas of Northdale, and I have been a Board member for 5 years now. We have had perfect help from Wise Property Management.
Wise Property Management is the quintessential image of a professional, organized, comprehensive, deligent and knowledgeable Property Management company.
Kristy D., South Pointe HOA Vice President.
I have been working with Jeanie Hunter of Wise Property for several years now. She has handled all our Tampa Villas South association issues promptly and with great efficiency.
Ken C., Tampa Villas South HOA Vice President.
Very easy to work with and everyone is friendly. We have worked with them for a very long time and love the experience. They take pride in their work and truly enjoy what they do.