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A1a Property Management – Insurance certainly has its place in the world. Hopefully you wouldn’t drive your car without proper insurance, and if you’ve ever taken an impromptu trip to the emergency room, you know how valuable health insurance can be. As a property owner, doesn’t it make sense to take steps to protect your investment just as you would your car or your body? Some landlords overlook the importance of renters insurance, but if you have tenants living in the space you own, a solid insurance policy not only protects you and your property – it protects your tenants too .
For obvious reasons, most people think that renters insurance is something that is supposed to protect tenants. While that is certainly true, it also protects property managers and landlords. Just like car insurance, the items covered by renters insurance vary from policy to policy. The following are some items that can be protected, along with the benefits they offer to landlords and property managers:
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This is essential protection because you don’t want your renters to come after you in court if a natural disaster or unexpected accident occurs and damages or ruins their property. Many renters are under the impression that their landlord’s insurance policies automatically protect their property, but that is usually not the case. The contents of the unit they are renting belong to them, and as such, it is their responsibility to ensure that they are insured, should something bad happen down the road.
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Unfortunately, sometimes, bad tenants happen. Disturbing people can damage your property before you even know it’s happening. In these cases, renters insurance can help you recover the cost of the damages so you can repair your place and get another renter in the unit as soon as possible.
If someone accidentally injures themselves in your tenant’s unit, their renters insurance policy helps protect the lessee from financial losses that may be related to related injuries. This, in turn, is good for the landlord too, as it helps to ensure that the current tenant’s bank account is not stretched to the point where he or she will not be able to pay the rent.
If something tragic, such as a fire, breaks out, it’s not just your tenant’s property that will be affected – the structure of your property will likely be damaged too. Accidents or negligence caused by your tenants can cost you a lot of money if your property is not properly protected. But renters insurance helps prevent unnecessary out-of-pocket expenses if you need to rebuild the structure.
It’s best to discuss renters insurance up front, especially if it’s a tenant lease requirement. Renters insurance is relatively inexpensive, but renters who have never had this type of insurance may fear the additional cost if you are not prepared to explain it to them when you pick it up. To mitigate the possibility of sending qualified candidates running, ensure that the base cost is available when you start the discussion. It is also useful to be prepared to answer potential tenants’ questions that may arise, such as:
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If you can tie the cost of renters insurance to your tenants’ monthly rental fees, the process is usually much less confusing for renters. Of course, you will want to be sure to discuss why the cost of the rent is slightly higher than the base rent. In addition to making it easier for your tenants to get insurance without having to pay an extra bill, this method allows you to ensure that your tenants always have renters insurance. The last thing you want to do is find out that your lessees’ renters insurance policies have lapsed after a devastating event.
If you’re not tying the cost of renters insurance into the lease, it’s helpful to offer a list of reputable companies your tenants can call to get insurance on their own. This helps to reduce the stress and anxiety of having yet another task on the to-do list when they are already looking for a new place to live and preparing to move. Even if your tenants seek their own rental insurance, it’s a good idea to have an estimate of the cost in advance, so they can see that they likely won’t face sticker shock when they call.
It is important to introduce renters insurance as a protection for your tenants, rather than a liability. They should see this as a gesture that shows you care about their well-being, safety and security. Framing the conversation in this way helps to reduce the idea that you are trying to get them to pay more money each month.
If your current tenants do not have renters insurance, you should approach the subject when renewing a lease. Again, it is best to arm yourself with the positive benefits of insurance protection, as well as the estimated cost so that your renters can be as informed as possible.
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Renters insurance is usually cheap, and will be worth it if disaster strikes. There are plenty of factors that can contribute to price fluctuations, but many monthly premiums are around $15 a month, if not less. There are certain situations that will usually cause higher or lower rates, including:
Renters insurance is essential protection for all parties involved. As a landlord or property manager, you want to be sure that your investment is accounted for, should something unexpected happen. You also want to ensure that your tenants have coverage so that they can recover from any damages that may occur in the future. When your lessees are properly covered, everyone’s risks are mitigated.
Not sure how to navigate conversations related to renters insurance? Our team at Bay Property Management Group are happy to help. Whether you have questions about the type of insurance you are allowed to require your tenants to carry, or you need help making sure your lease agreements are written in a way that protects your best investments, you can rely on our team of expert property management professionals. to lead the way.Touch base withusso we can talk about renters insurance policy best practices today!(321) 684-7793 – Gorgeous Furnished Direct Ocean Condo in Indialantic – This stunning unit is so cozy and offers a spectacular view of the waves sea You must see this large balcony overlooking the amazing ocean. Enjoy your morning coffee and afternoon tea along the ocean breeze. The unit offers two bedrooms with a chef’s kitchen overlooking the open floor plan. Granite countertops, built-in décor, modern furniture, and fixtures are updated and very clean. Indoor washer and dryer for tenant use. Water included! Come and enjoy this resort like a condo with a community pool, community center, and garage under construction. This Reef Condo is in high demand. Come and see for a long term or semi short stay. The owner is looking for no less than a 7 month commitment. (RLNE5098577)
2 br, 2 bath House – 1095 N Hwy A1A Unit 605 is a house located in Brevard County and in the 32903 Zip Code. This area is served by the Brevard presence zone.
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Cocoa Beach is located 60 miles east of Orlando. Part of Florida’s so-called “Space Coast,” this barrier island ends with Cape Canaveral Air Force Base at its northernmost tip. Residents can enjoy the thrilling sight of live rocket launches from their own front porch in pleasant temperatures all year round. This haven for beach lovers and surfers is located along the Brevard County coast.
There are a number of rentals and condos along the narrow strip of land, providing comfortable walking distance from the beach. On any coastal walk, you’re likely to see dolphins and manatees. The historic 800 foot pier provides opportunities to fish, enjoy live bands, and feed the pelicans. There are plenty of local restaurants, pubs and fast food. At Fat Kahunas, a popular waterfront location, beachgoers can watch the surf while enjoying juicy coconut prawns, seared Ahi tuna, and delicious pineapple upside down cake.
2 br, 2 bath House – 1095 N Hwy A1A Unit 605 is within 11 minutes or 5.4 miles of Florida Tech. It is also near EFSC Melbourne Campus and EFSC Palm Bay.
School data provided by GreatSchools The Great Schools Score helps parents compare schools within a state based on a variety of school quality indicators and provides a useful picture of how effectively each school serves all its students. The ratings are on a scale of 1 (below average) to 10 (above average) and may include test scores, college readiness, academic progress, advanced courses, fairness, discipline and attendance data. We also advise parents to visit schools, consider other information about school performance and programmes, and consider the needs of families as part of the school selection process.
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2 br, 2 bath House – 1095 N Hwy A1A Unit 605 is near Melbourne International, located 6.8 miles or 16 minutes away.
2 br, 2 bath House – 1095 N Hwy A1A Unit 605 has 1 shopping center within 0.3 miles, which is about a 6 minute walk. The miles and minutes will be for the furthest property away.
2 br, 2 bath House – 1095 N Hwy A1A Unit 605 has 5 parks within 9.6 miles, including Florida Tech Botanical Garden, Coconut Point Preserve, and Erna Nixon Nature Center.
2 br, 2 bath House – 1095 N
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