Most landlords have a few common concerns. If you’re renting out a property in Charlotte, you’re likely worried that rent won’t be paid on time. You’re also probably worried that your tenants will destroy your property and leave behind thousands of dollars’ worth of damage.
We understand these fears. Owning rental property can be profitable and rewarding, but it can also be risky.
There are several things you can do to protect your property from tenant damage, including:
- Excellent tenant screening
- Routine inspections and assessments
- Providing preventative maintenance
- Requiring renter insurance
Having a good relationship with your tenant also helps. Make sure communication is open and encouraged.
At Alarca Realty, we take protecting your property one step further. We have an asset protection plan which is included in all of our service plans. It provides $100,000 worth of asset protection for our owners.
Protection Plans vs. Renters Insurance
There could be a fire at your rental property that’s caused by the tenant. In addition to the destruction that the fire causes, there could also be smoke damage and water damage from the remediation and repairs that are necessary. Your property can be damaged by falling objects and faucets left running.
It’s difficult to think about the worst case scenarios, but you want to be prepared for them.
We have the tenant’s security deposit to pay for any damage that they cause. We also offer our owners up to $5,000 in lost rent coverage if something occurs that makes the property uninhabitable. These benefits are the same as a lot of renter insurance policies, but there are additional advantages to our program.
- First, it’s guaranteed. Tenants can let their renter insurance policies lapse or cancel, but with our protection plan, there is no way that the tenant won’t pay for the coverage. It’s part of what they pay us every month. They won’t have to worry about finding their own insurance and you won’t have to worry about them having it.
- If there is a claim, you won’t have to worry about filing against your own policy. This will not affect your own insurance at all.
- We manage the whole process of the repair, the claims, and the payments. There won’t be any agents who have to keep us in the loop. We’ll take care of each part and keep you informed.
Reliable, Trustworthy Financial Coverage
This coverage is provided to us by a reliable and reputable Fortune 500 company. Tenants don’t have to worry about separate payments or tracking their insurance coverage. It’s part of their residents benefit package, and it contributes to a smooth process.
Recently, a tenant in one of our rental properties caused a fire in the bathroom. The result was more than $38,000 in damages. The protection policy covered all of that, expect for a low $250 deductible that was paid by the tenant. There was no cost to the owner to repair and protect the property.
If you have any questions about tenant damage and how to prevent it in your Charlotte rental property, please contact us at Alarca Realty.