Four tips for landlords in Gilbert, AZWhether you are looking to buy an investment property or are looking change your existing home into a rental property, there are some things you should know about becoming a landlord. Most people choose to become a landlord for the financial investment. By following these tips below, you can make being a landlord easier and more enjoyable for you all while improving your tenant’s happiness and rental contract longevity.

Provide a well maintained property

If you are looking to purchase a home as a rental property, you must consider the cost of improvements you will need to make to the property in order to make it rentable. While someone may rent the property in its existing condition, a home that is in good repair will help you maximize the rent you are able to collect along with ensuring the home itself does not develop additional issues from lack of maintenance.

Things to look for & questions to ask yourself:

  • Is the caulking around windows, doors and siding maintained?
  • Are your gutters cleaned and free from debris?
  • Who is maintaining the yard?
  • If you have a fence, is it in good condition?

When you are shopping for a rental property, ask yourself these questions:

  • Will the home need an updated exterior paint job?
  • What is the current condition of the roof?
  • What is the condition of the crawlspace?
  • How old are the appliances?
  • Does the home have updated electrical?
  • What could I update to make the home look its best?
    1. Typically a fresh coat of paint in the interior can make a home look more up-to-date.
    2. Add backsplash, tile or Beadboard wall paneling.
    3. Add crown modeling in the living room, kitchen or bedrooms.
    4. Add more lighting in the home.
    5. If the kitchen or bathroom is really dated, consider updating it with new appliances, vanity, cabinets or tile. You can also consider replacing the shower or bathtub.

The best part of buying an investment property is you don’t have to necessarily “flip” it to get it on the renting market. A few upgrades mentioned above can make a home nice without breaking the bank.

Eliminate Safety hazards

Want to avoid headaches, lawsuits or home insurance claims? Be sure to focus on eliminating any safety hazard from your property. From a liability standpoint, you will want to be sure that the property is void of any safety hazards such as loose railings, uneven walkways, cracked decking or faulty stairs. A well-maintained property will help you maximize your property’s profitability and keep your tenants safe.

Quickly address issues

When problems arise, and they will, it is important to quickly address them with your tenant. Some landlords choose to have rental management companies intervene, while others either do the repairs themselves, or ask the tenant to get it repaired and take it off the next month’s rent. If the issues is a safety concern, do not ignore it. If you are made aware of a safety issue and ignore it, you may be liable if something happens. Whatever your agreement is with your tenant, be sure to address repairs quickly. This may help mitigate additional damage from occurring.

Be available to your tenants

Being available to your tenants can help you develop longstanding renters who stay at your property for years. Since one of the largest risks of being a landlord is having a vacant property, the longer your renters stay, the more revenue your property can generate. By being a good landlord and available to them easily they will know you care about them and the property they are renting.

Being a landlord comes with risks, but also huge financial rewards. Following the suggestions above you can create long-standing renters who not only take care of your property, but help you build financial wealth along the way.

If you have questions about landlord insurance, call our agency. We can discuss all of your insurance coverage options when it comes to being a landlord. Call or email us for a free quote.

Best Insurance Agency Gilbert, AZWhen it comes to buying insurance, you can purchase it online yourself through a well-known insurance carrier, a captive agent or you can buy it through a local insurance agency. When you buy it online yourself, you may find it can be more challenging to manage your insurance policy. When you have to call an 800 number to ask a question about your policy or make a claim, sometimes you may feel like you aren’t receiving a personal touch.

As a local insurance agency, we want to share the benefits of having a personal insurance agent when it comes to purchasing insurance.

Do you have a professional insurance agent you trust?

Just like having a doctor or dentist, we want to be a professional you can trust when it comes to buying insurance. Insurance can be tricky and difficult to understand. We are here to explain the differences in insurance coverage to ensure you have the right coverage for your specific needs.

Have a quick insurance question? Email or call your agent directly.

We love answering all your insurance questions. We get questions all the time from our customers.

  • Do I need to buy rental car insurance for my upcoming vacation or will my personal auto insurance cover me?
  • I am renting a U-haul, do I need to buy their coverage?
  • Do I have any gaps in my insurance coverage?
  • I just purchased a boat, does my homeowner’s insurance cover me or do I need additional insurance coverage?
  • Should I purchase flood or earthquake insurance?
  • Should I increase my limits on my umbrella insurance? I just purchased my first investment property.
  • Should I have life insurance at my age? What are the benefits?

Questions like the ones listed above are easily answered from our agents! We are here to answer all your questions. With a simple email or call, you can get an answer from your insurance agent directly.

My insurance premium increased significantly and I haven’t turned in any claims. Help!

If you purchase insurance from a well-known insurance company directly, it may be hard to find a better rate at renewal without having to sacrifice insurance coverage. Luckily, local, independent insurance agents represent several companies instead of just one. If you find your insurance premium is too high for your budget, reach out to your agent at renewal. We can shop similar coverage with a different insurance carrier. You might be surprised to find several quotes to choose from!

If you don’t have a personal insurance agent, reach out to our agency. We’d love to review your current insurance coverage, answer your questions or simply be the personal, professional agent you need in your life. Our agency can help you with all your auto, home, business or life insurance needs.

Vacation Home Insurance Gilbert, ArizonaWhen it comes to insuring a vacation home, the insurance landscape can look slightly different from that of primary homes. While the risks are relatively similar, you’ll find that some added perils come with vacation homes. These risks vary with how you intend to use your second home.

Personal Use
If a vacation home is often left vacant for long periods, the chances of burglary, vandalism, and unnoticed damage may rise considerably. Moreover, the house’s location can expose it to further damages such as flooding, fires, or wind damage, which may not be attended to in due time considering the vacant status of the house. Insurance providers take all of this into consideration when determining your policy premium. You’ll likely be offered a comprehensive insurance policy in order to cover all risks adequately. Be sure to clarify whether you intend to keep the house vacant for extended periods or visit regularly. Vacant home insurance and vacation home insurance, while similar, are not the same.

Intentions of renting
If you’re considering renting your vacation home or allowing others to stay in it, your policy will look different. Aside from protecting your second home structure, it’s a good idea to ensure that you have enough personal liability coverage. An Umbrella insurance policy can cover any claims against you due to injury or damages that occurred on the property. Be sure to look into liability coverage, which covers any personal injuries sustained by someone while they’re on the property. This policy could also include medical payments coverage.

Moreover, rent-loss insurance could be a worthwhile investment considering that it covers any financial losses amassed during times when rent cannot be paid (damages, natural disaster, and much more.) It is also worth looking into a landlord policy, which can cover you for damages while even replacing lost income if the property is being rebuilt or repaired following a covered loss.

Do I really need to insure my vacation home?
While not strictly necessary, it’s highly recommended to get coverage for your secondary-home. Damages to a vacation home, whether first or second-party, can be financially crippling. Additionally, if your vacation home has a mortgage, your lender may require property insurance as a condition of borrowing.

How much will my insurance policy cost?
Depending on several factors such as the home’s age, condition, and location, the amount you’ll pay for a homeowners insurance policy can fluctuate. However, overall, expect to pay higher than with regular home insurance.

The best way to get more information on vacation home insurance is to ask a licensed agent in our office. We can assist you with assessing your insurance needs and provide you with some quotes from several of the top insurance companies.

Get A Quote For Your Insurance Today

Our licensed staff is ready to help you get multiple vacation home insurance quotes. Because we’re an independent insurance agent we can shop from multiple insurance companies to help you find the right coverage at the right price.