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Landlord Insurance - Top Tips For Property Owners
By Mark R Burdett
Landlords and Property Owners have many options when it comes to the management of their property or properties. From sorting everything on their own to employing the services of a property management company. Here are therefore some tips for Landlords and Property Owners to make sure their assets are protected:
What can you do to protect your property?
Landlord Insurance is available so that in the event of a loss (by an insured event) you will be protected and covered. In order to reduce the chances of a loss you can however take certain steps to help. These include:
- Make your property more secure by installing deadlocks on doors and locks on the windows.
- Install an alarm system. Many insurers will offer a lower premium because you have lowered the risk of loss through theft. For certain postal areas a minimum level of security will be required.
- Remove potential fire hazards from around the outside of the house as well as inside
- particularly around the kitchen.
- Make sure you have working smoke detectors and a suitable fire extinguisher. Put the extinguisher somewhere handy and make sure members of your household know how to use it.
What should you insure your contents for?
As a landlord, it's quite possible that the property that you are letting contains contents that you own. It is important to note these contents and ensure that you have provided adequate cover for them in your insurance policy. It might be worth doing a room by room inventory and working exactly what level of cover you require. Again though if you are in any doubt, just ask your Insurance Broker.
How can landlords minimize financial losses related to repairs and maintenance?
You can avoid many problems by maintaining the property in excellent condition. Here's how:
- Use a written checklist to inspect the premises and fix any problems before new tenants move in.
- Encourage tenants to immediately report safety or security problems such as plumbing, heating, broken doors or steps
- whether in the tenant's unit or in common areas such as hallways and garages.
- Keep a written log of all tenant complaints and repair requests with details as to how and when problems were fixed.
- Handle urgent repairs as soon as possible
- take care of any safety issues within 24 hours. Keep tenants informed as to when and how the repairs will be made.
- Twice a year, give tenants a checklist on which to report potential safety hazards or maintenance problems that might have been overlooked. Use the same checklist to personally inspect all rental units once a year.
Also, your commitment to repair and maintenance procedures should be clearly set out in the lease or rental agreement. Owning a property or a portfolio of properties can be very rewarding so follow these simple tips and make sure you and your properties are protected at all times.
This article was written by Mark Burdett, Marketing Manager of Northern Counties Insurance Brokers.
For further information on Northern Counties Landlord Insurance visit http://www.northerncounties.com/landlord-insurance.php
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Rental Property Insurance
By Josh Riverside
Most landlords have insurance on the property they rent, but the people who are renting can and probably should have renter's insurance to protect their property. This type of insurance covers items that are inside a rented property. In simple terms, while the landlord may have insurance for damages to his building, he or she probably does not have coverage for the valuables you have in your rental unit. In the event something happened to the landlord's building and you were displaced for a time, the renter's insurance would also pay for your stay. This type of insurance is also very handy for tenant liability problems. If the tenant is supposed to maintain the property but does not and someone is injured on the premises, it is the tenant and not the landlord who may be liable for this problem. If the renter had insurance, the claim would be covered as long as the tenant is the one responsible for maintaining the area.
If the apartment or home you are renting is in a high crime area, it is especially important to have renter's insurance. It will cover all personal items that are stolen from the property. If there have been repeated break-ins in the area, you may have a problem getting insurance, so make sure you check that out before you move into a rental space in a high crime area.
Renter's insurance is like homeowners insurance. You pay a monthly or yearly premium, as well as a deductible. The higher the deductible, usually the lower the monthly payments.
Property Insurance provides detailed information on Property Insurance, Property And Casualty Insurance, Rental Property Insurance, Commercial Property Insurance and more. Property Insurance is affiliated with Home Renters Insurance.
Article Source: http://EzineArticles.com/?expert=Josh_Riverside
Rental Property Tax Deductions That Will Slash Your Landlord Tax
By Teo Zhenjie
If you are a landlord or property manager, knowing your rental property tax deductions is vital for cutting your taxes to the minimum. Find out how to enjoy lower landlord taxes and boost your profit margins right now. Rental property tax deductions are basically rental expenses that you are allowed to deduct when calculating your taxes. They are crucial because they will reduce your total amount of taxable income.
To cut down your landlord taxes, you can should to include as many tax deductions that you are allowed to use. The following are the common and important deductions that you can enjoy as a landlord:
1. The Depreciation Value of Your Property
When you buy a new rental home, you cannot claim the full amount that you paid for it as expenses right away. Instead your property is slowly depreciated over a long period of time.
Depending on the country that you live in, most depreciation periods for residential property range from 20 to 30 years. Home owners are usually not allowed to claim depreciation as tax deductions so you will not be able to apply this to your own home.
2. The Premiums for Your Landlord Insurance
Being a landlord means that you will usually have to buy a series of insurance polices such as building insurance, home contents insurance and landlord liability insurance.
You will be able to treat the premiums that you fork out for all your landlord insurance policies as tax deductions. If you employ people to manage your rental real estate, you will be able to claim the premium for their worker insurance as rental property tax deductions as well.
3. Interest on Your Mortgage and Credit Cards
Unless you are awfully rich, you would have taken out a mortgage loan to pay for your property investment. Fortunately you are allowed to deduct this sizable interest charged by your bank or mortgage lender.
If you pay for any of your rental expenses by credit card, you will also be allowed to deduct the relevant credit card interest from your total taxable income.
4. Your Property Repair and Maintenance Bills
The money that you fork out to maintain your rental home in habitable condition is also tax deductible. This refers to any repairs or maintenance that are conducted to make sure that it meets your local health and safety housing standards.
However you must know that any home improvements that you carry out for the purpose of boosting the values of your real estate cannot be considered as a deduction. If you hire a contractor or repairman for repairs, make sure you ask them to give you a receipt with the property costs and type of repair work stated on it.
5. Travelling Costs for Managing Your Real Estate
Any travelling expenses that you rake up for rental activities such as rent collection and property repairs are also tax deductible. You are usually allowed to deduct both your gasoline costs and vehicle's maintenance bills. If you own rental properties abroad and you travel overseas for real estate activities, you may even to claim your airplane tickets, hotel stays and travelling fares as rental property tax deductions.
The tax agencies in most countries will monitor your tax claims for overseas travel quite closely so be sure not to abuse the system and keep proper written records of your spending such as receipts and bills.
Teo Zhenjie has been showing landlords how to manage their tenants and rental properties effectively on Propertydo http://www.propertydo.com - To learn more important tips on rental property tax deductions, visit his website today for step-by-step real estate guides, free resources and forms.
Article Source: http://EzineArticles.com/?expert=Teo_Zhenjie
Is Landlord Contents Insurance Crucial For Your Rental Property?
By Teo Zhenjie
Landlord contents insurance is a type of insurance coverage that compensates a landlord for property loss or damage. Contents insurance usually covers any fixtures, appliances, furnishings on the rental property that belong to you.
In some cases, it may also include outdoor fixtures like fences and garden fittings but every insurer is different so you should always read the fine print just to be sure.
There are two types of contents insurance for landlords. The first is standard insurance; the second is accidental. Landlord contents coverage usually insures the landlord's property in an amount ranging from $10,000 to $50,000.
As a landlord, you may be wondering whether landlord contents insurance is a worthwhile investment. There is no simple answer to this question since every landlord's situation and needs are different. Use the following information to help you decide whether to buy this type of insurance and what kind of coverage is best suited to your needs.
Choose Standard Landlord Contents Insurance if You Want Basic Protection
A standard policy typically protects you from damage caused to furnishings, appliances and fixtures during the normal course of a tenancy. Most landlords do not require this type of coverage for a couple of reasons.
The first reason is because a tenant's security deposit will typically cover any normal wear and tear. And secondly some landlords don't provide home furnishings for tenant use.
On the other hand, if you provide a fully furnished rental property for your tenants, it may be a good idea to purchase this type of coverage. This way any damages to furniture and fixtures can be paid for by your insurer. This coverage usually applies to normal wear and tear only.
Go for Accidental Landlord Contents Insurance if You Want More Protection
In contrast to standard insurance, accidental coverage will pay insurance proceeds for damages that may occur due to tenant negligence and other types of accidents or disasters. For instance, this type of coverage might apply if a tenant rips your sofa when moving out of the property or if a fire out break destroys your furnishings and fixtures.
Most insurance policies will provide coverage in the event of theft or vandalism, tenant negligence, fires, floods, storms, and explosions.
Just to be sure, it's important to read the fine print before purchasing a policy. You will also want to find out whether outdoor structures are covered. For example will you be compensated if your tenant accidentally damages the fence with her car?
Landlord insurance will only cover furnishings that are provided by the landlord. If your tenant wants coverage for his or her own belongings, then they must buy a separate renter's insurance policy.
Should You Purchase Landlord Contents Insurance for Your Rental Property?
In most cases, a standard or comprehensive contents insurance policy is not necessary unless the landlord provides most or all of the furnishings for a tenant.
For unfurnished properties, simply make sure that you collect enough security deposit to cover daily wear and tear. On the other hand, an accidental policy is a good idea to protect your fixtures and appliances in case of accidental damage or natural disaster.
Teo Zhenjie has been showing landlords how to manage their tenants and rental property effectively on Propertydo http://www.propertydo.com/ - To learn more important tips on landlord contents insurance, visit his website today for step-by-step real estate guides, free resources and forms.
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