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Baxton.me
4 September 2017
As a landlord your property investment is key to your financial portfolio. Ensuring your investment is protected, could take many shapes. Here are a few suggestions from a Baxton Property Management on what is needed, and what is excessive.
Insurance may be a few hundred dollars a year, but could save you thousands. Choose your cover wisely, and by all means shop around and negotiate your payment, as well as your cover. If you have insurance on your home, life or car, you might get a discount on your investment property insurance if you stick to the same insurance company.
The right cover is crucial and so is the right amount of cover. Make sure you are not under or over insured. And remember to review your insurance every few years.
It’s all very well to carry good insurance that might cover the “if’s” and the “maybe’s” of natural or other events. But what about the property itself? It is, after all, at the very core of your investment. Be sure to get the right cover for the building itself. It should include cover for cables and pipes, fitted appliances, features and fittings, awnings or exterior blinds as well as the gas or plumbing system.
Make sure it also includes damage caused by tenants, and check to what extent it does so. When it comes to damage to content, carpets, loose lamps and other unfixed features are usually not automatically considered part of the building insurance. You may need to consider asking your insurance company to include them in the package.
Baxton Property Management Company considers it vital that investors protect themselves against loss of rental income. If fact Baxton takes it so seriously, it has decided not to take on managing properties that are not insured for loss of rental income. That’s because, with more than a 100 years collective experience in taking care of properties and tenants, it has seen how a disaster or crisis can destroy investors’ properties, their careers, and, sometimes, their lives.
Speak to your broker, or feel free to get advice by visiting Baxton on-line or giving them a buzz.
Written and syndicated by
– Baxton Media.
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The information contained in this article is based on the authors opinion only and is of a general nature which is not indicative of future results or events and does not consider your personal situation or particular needs. Professional advice should always be sought relevant to your circumstances.
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