Landlords take on a ton of personal liability by renting out their properties to tenants. Therefore, they need to protect that investment at all costs. HH Insurance, your local provider in Tampa homeowners insurance, offers a product specifically designed to protect landlords’ assets. We want our landlord customers to be successful in managing their properties and tenants, which is why we’re here to share some helpful landlord tips.
Write Everything Down
The best way to have everything “on the record” is to have it physically in writing for both you and your renters to reference. One of the most important documents for a landlord is the lease they provide tenants with for them to sign. A lease is essentially the legal agreement between landlord and tenant, and it locks tenants into residing at a property for a predetermined amount of time. Even if you have a personal relationship with your renters, you must have a lease to refer back to if something goes wrong in your rental agreement. With that being said, ensure the lease you provide your tenants with has clear policies regarding late rent payments, whether pets are allowed, and any other regulations you want to be set in stone.
Act As A Business
If you are a landlord, you know that the role is time-consuming and is similar in commitment to a part-time job. Due to the amount of time and effort you put forth as a landlord, you shouldn’t downplay your role. Our Tampa homeowners insurance providers recommend operating your landlord-tenant relationship as a business relationship by always maintaining a certain level of professionalism. Also, remember that you are already devoting a lot of time to being a landlord, so enforce business hours for yourself from the beginning. Set clear expectations for tenants about what times they can contact you and what form of contact you prefer. This way, you can avoid having angry tenants calling your cell phone at all hours of the night!
HH Insurance | Tampa Homeowners Insurance
As a landlord, you owe it to yourself and your rental property to protect what’s yours. Therefore, you need to invest in our rental property insurance. Also known as a dwelling fire policy, HH Insurance provides coverage that will protect your single-family or duplex home that is being rented. Although you may have thought regular Tampa homeowners insurance would suffice, the reality is that as a landlord you specifically need rental property insurance.
At HH Insurance, our rental property insurance is unique in that it covers loss of rents. Loss of rents refers to any loss of income from rental properties that homeowners would have otherwise received. For instance, if your rental property needs repair work and is therefore uninhabitable for renters, our HH Insurance policy will still provide you with continuous rental income. Remember, as a landlord you will be held financially responsible for anything that happens to your property if you aren’t properly insured. That’s why you need to contact HH Insurance today to learn more about our rental property insurance!
**This blog provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverage. These definitions do not alter or modify the terms of any insurance contract.