How to minimize risks when your rental property is vacant
When rental properties do not have renters living in them for periods of time, landlords face additional risks they may not be thinking about.
Damage can result from water leaks or pipe bursts, break-ins, or pests. And they might not be covered by traditional landlord insurance policies.
When left unattended for weeks or even months, such issues can create much larger expenses, not to mention headaches. Here are a few steps you can take to protect your property and your financial interests: Properly insure the rental Most property owners do not inform their insurance company when a rental is projected to be vacant for more than 30 days.
Some insurance firms require the insurance policy to be updated to a “builder’s risk” or similar policy for that time period rather than retaining the landlord or homeowners policy, which assumes someone is living in the property.
