Las Vegas landlords need to have adequate coverage for their investment properties, and that’s why we’ve invited Curt Bulloch from Bulloch insurance Brokers to talk to us today. Curt specializes in coverage for investors and property managers.
Las Vegas Landlord Advice: Requiring Renter’s Insurance
One policy you want to really pay attention to if you own rental property or if you’re an investor or a manager is renter’s insurance. You should have your tenant get renter’s insurance because it’s very affordable and provides a lot of coverage for very little money. Most policies average around $14 to $15 a month.
Property Management Las Vegas: What Renter’s Insurance Covers
The coverages you’ll see with most renter’s insurance policies will protect your property, and they will also protect the tenant and the owner from liability. You want a policy with at least $100,000 of liability coverage. Some polices go up to $500,000. This will cover you if someone gets hurt on the property or there’s damage to the property caused by the tenant or a guest.
Another coverage you want is theft, which will cover any of the tenant’s property that is stolen. Mold coverage is also important to have. If you don’t open windows or turn on fans, mold can grow on surfaces. Tenants should have coverage against water damage. We know toilets back up and overflow, so it’s good to have a policy that includes protection against water damage. Loss of use coverage is another important part of a good insurance policy in case the tenant wants to move out while the property is being repaired.
Las Vegas Landlord Advice: Additional Interest
As a property owner or a property manager, make sure you add yourself as an Additional Interest. That means you will receive a copy of the policy showing it is in force. We recommend that you have your tenant call their current insurance carrier – whatever company they use for auto insurance. They can probably get a multi-policy discount and save money on both policies.
We appreciate Curt taking the time to share this insurance information with us. If you have any questions about renter’s insurance or anything pertaining to Las Vegas property management, please contact us at Blackbird Realty.