As you are embarking in investing in real estate, it is essential to make sure that you are covered to protect yourself through the process with a landlord liability policy. Contacting your current insurance provider, or doing a quick search for insurers online, are both excellent resources for obtaining information on the policy change. This is not typically an expensive change, and your policy should only minimally increase on a monthly basis
This change alerts your insurance company that you will not be occupying the home and is an excellent time to update your address with them to your new address. Any time where a change of insurance is performed, it may be a good time to look at all your other insurances with the same provider, as our need for insurance changes over time. Your hail damage deductible is a good number to look at. Colorado is known for hail, and deductibles for hail vary wildly. There is a balance between the higher monthly payment and a lower deductible, and your insurer can walk you through the specifics. It’s easy to dislike insurance because there is a cost associated with it, but when you need it, it really comes through.
Top Properties will be working closely with you as your property manager and to help you reach your investment goals. We do require that you add Top Properties as an “additional insured” on your landlord insurance policy.
Your landlord liability policy will help protect you from occurrences such as lawsuits from tenants falling down the stairs at your property. Insurance companies employ their own attorneys typically, and when a claim is filed their team usually works on your behalf. Make sure you go over the specifics with your insurance provider.