Blog Post

Have You Considered Different Types of Insurance for Your Rental Property?

Dustin Edwards • Sep 30, 2022

Insurance Is Important To Your Rental Property

When investing in a rental property, landlord insurance is necessary. Mistakes happen and it's important to be covered in order to protect yourself from occurrences like electrical fires or damage caused by bad tenants to the property. 


Though there are many options for types of insurance so you feel more protected. Below are a few types of insurances you can get for your Long Beach rental property, and what they cover.


Landlord’s Insurance

Landlord’s insurance is usually a requirement of your mortgage agreement. Though not legally required, even if you do not have a mortgage, landlord's insurance is still a great investment. Landlord’s insurance will oftentimes bundle a few coverages in their policy, these should include property damage, lost income, and liability.


Damage to the property can be caused by a number of reasons. In the event that the property or its furnishings suffer from damage caused by fires, short circuits, gas leaks, vandalism or careless tenants.


Even with excellent maintenance there are times you can’t fill your rental due to unforeseen reasons. Lost rental income insurance protects you in case something would cause your property to become uninhabitable. For example pest infestations like rats, termites and roaches require time to get under control. Lost rental income insurance provides temporary rental reimbursement for rent money may not be able to collect.


Liability protection is simply to cover legal or medical costs that might come up if a tenant or one of their guests suffers an injury because of an issue with the maintenance of the property.


Umbrella Insurance 

Umbrella insurance is designed to protect you and your family when you’ve surpassed the liability limits from other insurance policies including vehicle or property. You may be wondering how umbrella insurance works, it gives you the ability to select a liability limit that best protects you and your assets. Umbrella insurance coverage can include legal defense, like legal fees needed to defend from claims that may never produce a settlement or judgment.


Earthquake Insurance

Although the majority of earthquake epicenters in Long beach barely move the needle. Usually small earthquakes between magnitude 1.0 and 2.0. There is a higher risk of earthquakes in California compared to the rest of the country. Worst of all, unlike other natural disasters, earthquakes can’t be predicted ahead of time. We don’t know where or when an earthquake can happen, but we do know they can cause thousands of dollars in damages.The best way to protect your assets from an earthquake is with earthquake insurance.


Earthquake damage is not covered by homeowners or landlord insurance however, your insurance company should offer to sell you earthquake insurance when applying for your policy. Earthquake insurance does have limits on what it covers. It does not cover everything damaged by the event. The intention of earthquake insurance is to put a roof over your head.


Flood Insurance

Based on southern California’s recent history of droughts, flood insurance may feel unnecessary. Though Long Beach is next to the beach meaning the risk of floods is never 0%. Standard homeowner insurance doesn’t cover flooding, but Long Beach participates in the National Flood Insurance Program allowing property owners to get federally-backed flood insurance. Adding this coverage is most reasonable if your property is in a flood-prone zone.

Many landlords recommend or even require their tenants get rentar’s insurance. 


Insuring your Long Beach rental property can be overwhelming. Don’t worry we’re here to help if you need assistance finding the right insurance coverage for your property feel free to call us at (562) 888-0247 or feel free to fill out our
free rental analysis to see what your rental could yield today.


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By Dustin Edwards 01 May, 2024
Everyone wants to feel safe in their homes. As an investment property owner, it's up to you to decide whether or not to include security measures in your property. Many of the costs associated with the security measures can be included in the rent, meaning not only can you keep your property safe, but you can earn more income in the long run. However, you would still want your tenants to have renters insurance to protect their assets. Today, we’ll discuss the top five security measures you can add to your property and why they're beneficial to you and your tenant. Security Cameras Cameras are probably one of the first security measures people think about when asked about security. Cameras provide more benefits than just surveillance. They provide an extra level of security for the safety of the tenants and their belongings. Additionally, security cameras can be useful when repairs are required. Cameras can aid in supervising repairs and maintenance to ensure you’re receiving the agreed-upon work. During vacancies when the property is empty, security cameras can help keep the property safe from potential intruders. Doorbell cameras are incredibly popular now. They provide the aforementioned safety of a camera that can be accessed remotely, as well as the ability to communicate with visitors. Although one must be careful never to say you're not home, just say you're unavailable to strangers. Security Lights Security lights with motion detectors are another effective tool when adding security measures to your property. These lights brightly if a potential intruder attempts to get near your home. They can provide enough illumination to see the intruder or, at the very least, scare them off. Nowadays, you can find a combination of security cameras and motion-activated security lights, such as the floodlight cam wired plus from Ring . Additionally, because these lights only turn on when motion is detected, they’re more cost-effective than traditional lights with a switch. Illuminate the Property Light generally deters intruders as it's more difficult to hide. Adding lighting to the landscaping can increase the security of the property while creating a relaxing atmosphere. Lights can also be used in other areas of the property to accent features such as trees, benches, or artwork. This can help your property stand out while giving your tenants an additional feeling of safety. Keyless Entry Keyless entry is seen as both a convenience feature and a security feature. They usually use an electronic passcode, biometric data, or grant access through a smartphone app. Physical keys can be lost, stolen, or duplicated. You reduce the risk of unauthorized entry by eliminating the need for a physical key to enter the property. Many keyless entry systems include several features, such as remote locking and monitoring. Although keyless entry is a great new technology for keeping your tenants and properties safe, they’re best used with other security systems. Security Company Nothing beats having an extra pair of eyes on your property for security. This is where security companies like ADT and SimpliSafe come in. While companies may deal with security in varying ways, they aim to protect your investment. While safety is the primary role of a security company, remember that many tenants may be willing to pay more for a premium amenity like a home security company. Keeping your property and tenants safe is incredibly important to the longevity of an investment property. If you’re looking to improve the security of your Long Beach rental property or need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online .
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