I have an acquaintance that I'll call "George". George was relocated and decided to rent out his property rather than sell. He diligently called his insurance company and purchased renters insurance, signed the paperwork, paid every year, and didn't give it another thought. About now alarm bells should be going off in your head. Why? … Continue reading Starting and running your rental business: another insurance mistake to avoid
Make sure that your business and personal names match up on your mortgages and rental properties. If not, you could be denied coverage when you need it, based on a mere technicality. Often this is not easy. You will likely have to take out mortgages in your name, whereas your property will likely be … Continue reading Running your rental business: A quick tip to avoid an insurance nightmare
In addition to an insurance policy, which typically covers fire, hail, and other major damage, you may want to consider purchasing a home warranty for your rental property. A home warranty can be purchased from many companies, and will cost about $600 a year. They will likely charge $75 or so per issue (and may … Continue reading Running your rental business: Should you purchase a home warranty?