Did I already mention disaster and maintenance costs? I did. However, Mother Nature can even be greater than the devil itself at times. Even your best efforts in factoring in maintenance costs can’t ever cover the entirety that is major pandemonium of hurricane proportions. This would do a horrifying number on your ability to estimate your rental property expenses for sure, especially if you happen to own some beachfront property over on the east coast or Florida where those monsoons and typhoons can rip the roofs off. So what do you do about this type of problem?
You Get Property Insurance. Plain and Simple.
That’s not all, though. You actually have to know what kind of property insurance to apply for. It largely depends on your location, history and necessity. As disasters caused by Mother Nature can branch out to many other incidents — auto accidents, fires, just to name a couple. You need something to cover as much as you feel is necessary.
That could include:
- Personal Property
You might need umbrella liability. Who knows. Perhaps you’re renting out condominiums and need a policy covering HO-^ interiors. Other special types of property insurance exist if you do the research, and without a doubt, you can check with renter resources available and see what you can find.
Simply Contact an Property Insurance Agent Right Now
A consultation, going over all property details for an exact estimate will clue you in on a lot. As in the cost of the coverage. Definitely focus on getting that figure right away. When you have that cost figured out, you can then input that into your operating expenses for the rental(s) you have, and then you can rest easy as Mother Nature whines and throws fits as your structures still stand. Take that, Mother Nature….