In a perfect world, insurance would not be needed. However, as we all know, the world can often be far from perfect, making it all the more important for individuals to have insurance like auto and health. Property owners also should know the importance of having a good insurance plan(s) for their properties. Because there generally is no one-size-fits-all policy for property owners, now might be a good time for Northern Colorado property owners to re-evaluate their current risk-management and insurance policies.
As a trusted Northern Colorado property management company, Trademark Property Management Group has highlighted and summarized some of the most common and popular insurance policies Northern Colorado property owners can employ.
A fire insurance policy’s primary purpose is to cover the cost of repairs to the structure. Damages to others are generally also covered by most fire insurance policies. The potential of a fire and other property damages is a good reason why a property owner would be wise to require tenants to have renter’s insurance. The National Fire Protection Association reported in that fires accounted for over $14 billion in property damage in 2015. Fires, however, are not always caused by a tenant’s mishap, which makes it all the more important for Northern Colorado property owners to look into carrying a fire insurance policy or assess their current policy.
The fundamental purpose of landlord insurance is to provide coverage to the property owner in the unfortunate event that tenant is injured at the property. A policy such as this is often mandatory in most types of leasing agreements. A property management company potentially could be liable for damages and hospitalization if there is no protection in place.
Vacant Property Insurance
Transients and vandals have been known to target and cause damage to vacant properties over the years. These damages can often turn into nightmares homeowners and property managers, as they often cause substantial repair fees. Vacant property insurance is good option, especially when in between residents.
Experience the “Trademark Recipe” for Success
While carrying multiple insurance policies may seem excessive and like a hassle, it is nothing compared to the horror that would come from a partial or total loss that would need to be paid by the owner.
“It is essential to have proper insurance coverage,” Trademark CEO David Rand said. “The fact of the matter is a homeowner’s policy doesn’t guarantee full protection, particularly when a homeowner begins renting property.”
With over 40 years of property management experience, Trademark Property Management Group is a trusted adviser in the Northern Colorado property management arena. Trademark offers a full bevy of property management services that includes Commercial, HOA and Residential management services. Contact Trademark today and find out more about the “Trademark Recipe” for Northern Colorado success.