Insurance indemnifies you for your loss resulting from activities related to your income property. Williamsburg property management is very keen on ensuring that they meet their objective of keeping your income properties profitable. Thus, they are constantly reviewing the many different ways to meet this objective. Keeping this in mind, they share some information on lesser used insurance coverage that can help maintain profitability in the face of disaster.
Outdoor Improvements – Natural disaster such as typhoons, hurricanes, and tornadoes can cause enormous and irreparable damage to properties. While many homeowners will purchase insurance coverage for the buildings and its inside contents, many times they do not include coverage for outdoor assets.
Based on their knowledge and experience Williamsburg property management advises on taking out coverage for pools, parking lots, outdoor grilling equipment and others. Outdoor fixtures such as gazebos and other small outdoor buildings should be factored into the insurance coverage.
Loss of Rent – Williamsburg property management is of the view that all income property owners should get this type of coverage. If a natural disaster, fire, or flooding should render your property uninhabitable, you most likely will not receive any rental income. If the property was mortgaged you are still obligated to meet those payments on time. Proceeds from the “Loss of Rent” can be used toward the mortgage payments.
You can prepare a small action plan for assessing and reviewing your insurance needs and execute the plan to ensure continued profitability. If you are unsure how to proceed or need some basic tips, you can chat with the friendly professionals at Williamsburg property management.
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KRS Holdings | 2000 West Club Lane, Richmond, VA 23226
Phone (804) 554-3197 | fax (804) 282-4757