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Compass Property Management strongly encourages owners to insure properties wisely!
Insurance is the single most important purchase owners can make for their property. Knowing the difference between standard property insurance and investor insurance is a must to protect your property, potentially saving you thousands.
Policy Type: Most homes are covered by homeowner's policies. But these policies will not cover a property unless you live in it. Make sure you switch to a dwelling policy which covers rentals. This type of policy may also cover lost rent during renovation processes.
Medical Expense Coverage: Some policies provide immediate medical coverage for injuries that happen on your property, whether you are liable or not.
Landlord Liability Protection: Coverage of at least $300,000 to $500,000 is needed to not only cover actual damages, but also legal fees. Make sure your policy covers everything needed.
100% Replacement Cost: You want the funds to completely rebuild your property in the event of a catastrophic event causing a total loss. Speak to your insurer about the recommended amount needed to cover this vital need.
Water and Steam damage: Make sure your policy covers plumbing issues such as water heater bursts, pipe bursts, and other plumbing disasters that can cost hundreds, or even thousands.
Commercial Umbrella Liability Policy: Get additional insurance, on top of your liability policy, to provide extra security against legal and financial accidents that can create havoc on your budget.
Additional Insured: Make sure you add your property management company as an additionally insured. Reputable insurance companies usually provide this at no additional cost. In many states, it's the law.
Vacancy Clause: Most dwelling policies lapse coverage if a property is left vacant for 60 days or longer. Make sure your policy allows a quick switch to a vacant home policy to cover it during vacancies.
Ready To Rent?
One of the biggest deterrents to renting a property is to place it on the market before it is ready.
Unprepared properties result in less traffic and more time on the market, causing a need to reduce the rent. Properties that rent before ready start off on the wrong foot with tenants, creating an adversarial relationship where tenants complain about every little thing and turn in unnecessary maintenance requests.
Compass Property Management utilizes a proven process to avoid lengthy listings and unhappy tenants:
Initial Quality Control Inspection:
Once a property has been turned, our team conducts a thorough quality control inspection to ensure all issues have been resolved. Any problems that could negatively impact great viewings or happy tenants are sent to the owner for review.
Quality Control Reports:
Owners will receive a report with required repairs, suggested repairs, and notes for issues to keep an eye on. These reports are geared toward making a property show well, and avoid any repairs within the first few months of tenancy.
Once approved, vendors will finalize repairs, the rental amount will be set, and the property will be placed on the market.
Invest In METRO ATLANTA
Invest your money in constantly growing and developing areas. Atlanta has a strong economy and is filled with many opportunities. All walks of life thrive here and call this community home. Find out why different areas of Metro Atlanta are worth your dollars. Check out our Atlanta community guide made for you, the investor.