A critical piece of your protection strategy is insurance. There are effective and economical solutions to help.
Insurance is a contract, in the form of a policy, in which an insured party (you) receives financial protection or reimbursement against losses from an insurance company. The insurance company pools multiple clients' risks to make payments more affordable for each of the insured.
Insurance policies are used to hedge against the risk of financial losses that may result from damage to the insured or their property, or from liability for damage or injury caused to a third party (such as a tenant or guest).
For rental property owners and managers, four of most obvious potential losses are: Contents Damage, Homeowners Policy (for business purposes), Appliance Warranty, and Renters Insurance.
As one of its first initiatives, the RPPA has created the Property Protection Program to secure lower-cost coverage for each of these four protection needs. We’ve worked with established brokers and underwriters to create this Program to cost-effectively protect our members in these areas: group purchasing power in action.
For information about the RPPA Property Protection Program, email your request to MemberServices@RentalPPA.com. One of our provider representatives will contact you.
Additional insurance and protection resources:
www.investopedia.com/articles/pf/06/insurancecontracts.asp www.investopedia.com/insurance/homeowners-insurance-guide/ www.investopedia.com/articles/mortgages-real-estate/08/cost-of-owning.asp www.iii.org/article/coverage-for-renting-out-your-home www.iii.org/article/what-homeowners-insurance www.consumerreports.org/cro/homeowners-insurance.htm www.consumerreports.org/cro/homeowners-insurance/buying-guide/index.htm www.thebalance.com/what-is-a-home-warranty-plan-1798347 www.consumersadvocate.org/home-warranties www.consumersadvocate.org/renters-insurance www.investopedia.com/terms/r/renters-insurance.asp www.consumerreports.org/renter-s-insurance/why-renters-insurance-is-worth-buying/
RPPA does not recommend or endorse any particular provider of these services.
More ideas, best practices or recommendations? Email them to: MemberServices@RentalPPA.com