For some landlords, it may be especially important to protect rental income to avoid falling behind on mortgage payments or other bills.
An additional step to guarantee a steady payment would be taking out an insurance policy. This protects the landlord when bad things happen to otherwise good tenants.
Despite the greatest screening process and selection of the best tenant, there is no guarantee they will be able to pay rent indefinitely. Life changes happen and a tenant may stop paying for many reasons, among them job loss, divorce and health issues. A tenant may also become destructive and damage your property over changes in the household. When these things happen, landlords are left to absorb the cost of unpaid rent, eviction and repairs to damaged property.
Landlord Protection Guarantee is a viable option for some landlords. The amount and coverage vary by provider, but a typical Landlord Protection Guarantee will cover loss of rent, sheriff fees, eviction court fees, legal defense and costs.
Property repairs from malicious damage also are covered by your Landlord Protection Guarantee. However, the policy will not cover rent loss if the landlord fails to comply with the lease agreement and keep the property in a habitable condition.
Guaranteed protection is available through many providers. Property-management companies call it a variety of names, including rental-guarantee insurance, Scheer landlord protection and rent rescue.
Please reach out to us if you have questions or need further information on how best to protect your rental income.
Maricopa residents Sherman and Euphemia Weekes have more than 30 years’ experience in property management and own Crest Premier Properties. Licensed Realtors and active members of the National Association of Residential Property Management with a Certified Residential Property Management designation.