Ormond Beach Insurance: Rental Property
Ormond Beach, Daytona Beach, and Palm Coast, Florida
If you own an investment property that you rent out for individuals to reside or work in it is a must that you have a good Ormond Beach insurance policy protecting it. If your residential rental property consists of 1-4 units, it can be covered by a personal rental property policy – and you as the owner may also reside in one of the units.
Personal property exposures: If you own a rental property, it is your responsibility to keep the property up to code by having smoke and carbon monoxide detectors and fire extinguishers. There are also other items that you may choose to supply to your tenants such as appliances, furniture, and décor. The less items you provide your tenants, the less risk there is associated with personal property exposure.
Premises liability exposure: these are the things that must be addressed and made clear between a landlord and tenant:
- The tenants must be provided a residence that is secure. Changing locks between tenants is critical.
- Any safety hazards to the tenant must be minimized, such as cracks in a sidewalk.
- All systems must be code complaint
- Tenants rules to follow should be documented and observed.
- Any service a landlord provides to a tenant should be recorded.
- If the residence was built before 1980, lead paint could arise as an issue.
- Landlord should follow state procedures to prevent a discrimination suit.
Contact Capital Partners Insurance for more information about personal rental property insurance coverage.