Property Insurance: Which one is right for your investment?

It’s true that investing in the real estate market is one of the safest ways to increase your patrimony over time. However, your property can also suffer damages when you least expect it. And if you’re not ready to face these events, you could lose money, or worse, your initial investment.

Before you start renting, working, or living in your new home, you should acquire an appropriate insurance for your case. Today, we present 4 types of Property Insurance to help you make the right decision.

4 Property Insurance types especially necessary in Florida

●   Homeowner’s insurance: are you moving to a new place or investing in a second home? Everything’s not ready until you purchase home insurance. This is the plan with the widest coverage in the market; however, it doesn’t cover floods and other natural disasters, which is a problem if you live near the coast.

This insurance includes coverage for large damages, accidents that occur at home, replacement of damaged items, and it has a low deductible compared to the cost of repair.

●     Landlord insurance: it’s a versatile plan whose budget is deducted from your taxes. It covers any kind of damages to the property caused by accidents or tenants. And it also includes the cost of a tenant defaulting on rent.

On the other hand, landlord insurance is expensive, especially if you use it in your first investment, and it doesn’t extend the protection to items or furniture inside the building.

●     Flood insurance: extremely useful if your property is located near a body of water. It offers protection for total loss, damages to physical structures, and replacement of lost items; however, it doesn’t cover living expenses. You may complement this plan with natural disaster insurance.

●     Commercial property insurance: if you are starting a business, you must purchase a plan to protect you from losing money. Florida is a very competitive market, both prosperous and risky. That’s why you need to run your project in the safest way possible.

Business insurance protects companies from unexpected damages to the physical structures and keeps you away from bankruptcy after disasters.  It also has cons, because this plan involves an extra cost that might be difficult to afford if the business is new in the market.

At Gables Riches we can help you protect your investment from the unexpected, with our Property Insurance services. Contact us. 

Property Management Services

Investing on a property is no easy thing to do and it shouldn’t be taken lightly. You are about to put your money in some serious business. This is why Gables Riches always recommends you to invest hand in hand with a professional. A little advice will help you make the best decision and will increase the chance of future profits from your investment. But, once you have already invested, then who’s taking care of that property? This is the time when the owner should think about hiring a property management company.

Here are 5 reasons why you should hire a property management company:

1)    Workflow: most investors have no idea how much work it takes to own and manage their investment. Property inspections, staffing maintenance personnel, and other issues that may arise in the day-to-day of owning a property take up a lot of time from you. To avoid this, a property management company will take care of it all.

2)    Legal issues: there are lots of local, state, and federal laws to consider when you collect rent and deal with property management. A property manager will make you stay on the right side of the law.

3)    Rent collection: most real estate investments are to obtain money from them. Collecting rent money is probably the least glamorous aspect of all, leave it in a property manager’s hands.

4)    Marketing expertise: property managers know how the real estate market runs and will help you obtain the highest possible rent and avoid long vacancies on your property.

5)    Tenant issues: regardless of the type of property you’ve invested on, it’s probable that sooner or later you’ll have issues with your tenants. Late rent payments or squabbles between neighbors, they can all give you sleepless nights unless you hire a property manager who takes care of it all.

Gables Riches goes the extra mile

We are proud to be a realestate investment company that represents investors in the process of buying, selling, renting and managing properties in South Florida. Thus, not only we manage your property; we look after your investment. We act on your behalf to preserve the value of your property while generating income.

We offer professional, “hands-on” property management services. These services include:

- Tenant screening: helps identify the best tenants by an accurate credit, employment, previous landlord and income verification.

- Tenant relations: we are responsible for maintaining effective relationships between tenants and you.

- Rental deposit management in escrow accounts.

- Rent collection, including late rent notifications and collections.

- Inventory management.

- Repairs/maintenance management: we identify and deal with repair needs.

- Monthly statements and yearly operating statements.

- Expense management: utility bills, association payments, real estate taxes, insurance and mortgage.

- Mail management.