Commercial Insurance Options That Apartment Owners Should Consider – Winston Rowe & Associates

NEW YORK - Nov. 22, 2013 - PRLog -- Having the right knowledge and some basic management skills are essential, but even seasoned landlords might be missing out on some crucial coverage. You can minimize some of the risk by requiring your tenants to carry renter’s insurance; however the bulk of the insurance side of things is squarely on your shoulders.

Winston Rowe & Associates, a national advisory firm that structures apartment and multi-family financing solutions nationwide. With no upfront or advance fees, for more information about them, you can check them out on line at http://www.winstonrowe.com. They can be contacted at 248-246-2243 or email them at processing@winstonrowe.com

They have prepared this article as a resource to remind you of the importance of comprehensive insurance protection needed to protect your investment and your income stream.

Types of Insurance Coverage:

Remember that solely by renting/leasing your property, you are increasing the likelihood that it will be damaged-even the best tenants won’t take care of your property in the same way you would. A comprehensive landlord rental policy is crucial, and basic (or basic plus) coverage is the best way to protect your investment.

If you opt for basic, you have (no surprise) the “basics” covered, like the building itself, swimming pools, garages, sheds and any other structures on the land. Basic plus is wise if you have valuable things on the property from tools to furniture. Malicious damage, such as vandalizing from angry tenants, is also covered.

“Water coverage” can vary slightly depending on where the rental property is. This may also be complemented by flood coverage if it’s available in your area-but water coverage and flood coverage are two very different things and you need both if you’re in a risk area. Water coverage takes care of damage from burst pipes, well issues, plumbing snafus and anything else beyond natural disasters.

Protecting Your Investment

As a landlord, you’re an entrepreneur and your rental properties are your bread and butter. Loss of income coverage is essential because your properties are your business. It’s easy to lose money via damage, but loss of income coverage will pay your income-up to a certain amount-while the property is being repaired.

Winston Rowe & Associates provides no upfront or advance fee commercial loans in the following states.

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