Real Estate

5 Tips for Choosing Your Landlord Insurance in Florida

Insurance is something you don’t want to neglect to get as a landlord. You never know when you’ll experience damage that requires a lot of cash to fix. And when 5.3% of insured homes had a claim in 2021 alone, damage occurs more than you think.

And this is even more true in Florida, where you have a higher chance of experiencing property damage because of hurricanes.

Finding the right landlord insurance in Florida is essential if you want to protect your investment. Keep reading to learn five tips that will help you find the best landlord insurance.

1. Schedule an Inspection

One of the issues with getting insurance in Florida is the weather. If you’re in a hurricane-prone area, you may struggle to find reasonable rates and people to sell you insurance.

Much of that comes from unknown risks. If your property doesn’t have the proper protection, it’s at more risk of suffering from more damage. Schedule an inspection to see how protected your property is and make updates to make getting insurance more feasible.

2. Examine the Policy Coverage

Insurance isn’t worth much if you can’t get a reasonable settlement for damage. Some insurance companies offer low prices to get as many customers as possible. The problem is that those deductibles and payout maximums reflect the low landlord insurance cost.

Ensure you carefully check how much coverage your policies have. Look at the type of damage covered and the maximum you can expect to receive when you file a claim.

3. Pick the Right Type of Insurance

There is more than one type of landlord insurance. It isn’t an all-encompassing policy like homeowners insurance. There are different policies for different situations.

Here are a few types of coverage to consider.

  • Property damage
  • Loss of income
  • Liability

Look into each type available and pick the ones that make the most sense to you.

4. Compare Costs

One thing to not overlook when shopping for insurance in Florida is the cost. Insurance is on the rise for all types of property in Florida. You must compare quotes carefully to avoid paying too high of a premium.

Get quotes from as many insurance providers as possible during this process. Compare the price you see which the included coverage to find the provider that offers the best value for their price.

5. Check Out Reviews

It’s a mistake to decide on an insurance provider without hearing what other customers have to say. An insurance company may look great on paper. But when you purchase a plan and eventually experience a problem, you’ll find that your insurance company doesn’t live up to its word.

Check out online reviews to hear from other landlords. Look at the pros and cons of your insurance company options and any red flags that make a company not worth working with.

Find the Right Landlord Insurance in Florida

You never know what will happen when you own property. This is even more true in Florida, where you have bad weather each summer and can suffer a lot of damage quickly.

Having the right landlord insurance in Florida can be the difference between having to pay a lot of expenses out of pocket and having coverage to deal with problems. Follow the advice above to look through your insurance options and find an insurance policy that meets your needs.

Are you looking for more advice that will help you manage your rentals? Learn more about being a landlord and managing property on the blog.

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