The idea behind any insurance is to minimize the loss during a financial downfall. Residential insurance is no different. If you own a home or a residential property, it is time you realize the value of insuring it.
It is important to track your residential insurance with automated software. This can trigger notifications when your insurance is about to expire. It is also going to track the policy coverage areas of all the insurances you have acquired for your property.
Automating your tracking process is your only chance to ensure continued protection. Acquiring reliable insurance with all the right coverages is equally important. But here are a few additional steps any property owner can follow to maximize the benefits of your insurance.
Motivate Your Tenants To Get Renters Insurance
Reports suggest that only 17% of owners live on their own property. The rest rent it out to tenants. While there is nothing wrong with doing so, it is important to take other precautions to keep your property protected. You can motivate your tenants to get renters insurance to protect their belongings.
Even though this is not required by the state law, it will protect them if an unforeseen event were to occur. It will also keep you from paying out of your pockets for incidents like water leakage and electrical malfunctions.
Obtain A Dwelling Fire insurance
Do you know 3 out of every 100 households around the globe suffer some form of fire accident? Apart from damaging your property, it can also physically impair your family. Contrary to popular belief, this insurance does not just cover damages related to fire and smoke.
It can also protect you or your tenants from vandalism, explosions, and other weather-related occurrences like lightning. If you own an old property with prior loss claims, dwelling fire insurance is for you.
Make Sure That Your Space Qualifies As A Rental
Is your property “legally eligible” for renting out? This is something you must enquire about even before bringing in your tenants. Contact a reliable insurance provider and educate yourself about the rules that can qualify your property as “rental”.
Some of these rules include the placement of entrances and the way how the rental space connects with the main structure. After doing this, acquire sufficient coverages that your property demands.
Consider Obtaining Additional Coverage
This is again a really important point of consideration for people who rent out their property. Most general insurance policies only apply to the owners. The coverage areas they come with do not apply to your tenants.
You must consider buying new insurance that has coverages specially designed for tenants. In addition to this, you will also have to track your renter’s insurance along with other general policies.
Cover Your Personal Belongings
Most property owners furnish their houses with various utilities, which a general insurance policy may not cover. If you are renting out your residential property along with utilities and appliances, they must get insured separately. The policy also must clearly state the person who receives the benefits of the insurance.
Track Every Single Insurance You Have
Throughout the article, we have discussed that not every owner would have the same insurance requirements. You might have to acquire more than one insurance to keep your property secured. This also depends on if you will be renting out the property or not.
A COI tracker becomes undependable if you are planning on handling more than one insurance at a time. Every insurance policy you own must get tracked in unison for maximum benefits. It would keep your policies from getting overlapped. You would also give you suggestions about what policy to leverage when the need arises.
Not every insurance policy would have the same date of expiry. Before you realize it, manually managing more than one insurance at a time could become demanding. But what if you do not have to?
A COI Tracker does all the hard work for you and sends you automated alerts for tasks that require your attention. If this spiked your curiosity, also read: 8 Businesses That Can Benefit From COI Tracking.
If you wish to know more about the COI tracker and its functionalities, our experts are standing by to support you. Reach out to us and let our tracking experts Schedule A Free Demonstration for you.