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Importance of Being Insured with an Investment Owner/Landlord Policy

Landlord insurance papers on a desk.If you have ever owned a home, then you probably have some familiarity with the concept of homeowner’s insurance. This sort of insurance often covers damages to the home and personal possessions that are kept inside it, as well as liability claims made against the homeowner and loss of use of the property because of an occurrence that is covered by the insurance policy. On the other hand, landlord insurance protects a property owner against the specific dangers that come with renting out a dwelling to tenants. This includes any property damage that was brought on by renters, any loss of rental income that was incurred as a result of tenants being evicted due to property damage, and any liability claims that were brought on by tenant injuries or property damage.

Investment owner/landlord insurance protects you against the liabilities of renting out your property. If you own a rental property, landlord insurance may ensure that you are completely protected. Landlord insurance is designed for non-owner-occupied residences and covers features of your rental properties that other insurance policies do not cover. Some of the things that landlord insurance covers are:

  • Personal property owned by the landlord that is used to maintain or service the rental property, such as appliances or tools.
  • Liability coverage to help pay for medical and legal fees.
  • Property damage or loss of rental income caused by natural disasters, such as fire, storm, or flood.
  • Tenant-related risks, such as rent default, unauthorized alterations to the property, or theft by a tenant.

 

It is critical to thoroughly review the terms of a landlord insurance policy. You can avoid surprises or unexpected fees in the case of a claim by understanding the policy’s terms. Know what is and isn’t covered, as well as any limitations or exclusions that may apply.

Landlord insurance premiums may be tax-deductible as an expense related to the rental property, allowing landlords to deduct the cost from their taxable income. However, the rules around deductibility can be complex and the amount can be limited by other factors. To determine if landlord insurance premiums are tax-deductible, it’s recommended that landlords consult with a qualified tax professional or refer to official IRS guidance.

 

At Real Property Management Omega, we are aware of the importance of safeguarding your investment and can help you do so. We can assist you in locating the appropriate insurance policy for your needs, so ensuring that you and your inhabitants have adequate protection against the unknowable. Our extensive property management services in Jackson are intended to minimize the amount of money you spend, increase the amount of money you make, and safeguard your real estate investment for many years to come. Contacting us online or giving us a call at the number 601-607-8202 is the best way to get more information about the property management services that we offer.

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