With the rise of sites such as Airbnb and Craigslist, many homeowners in and around Ellijay, Georgia, are joining property managers and dipping their toes into the rental market. Whether you rent your home part-time for extra income or own several properties that you lease to tenants on a yearly basis, property damage protection can help you protect your financial investment.
What Is Property Damage Protection?
As the property owner, you want to protect your investment and ensure that any damages caused by your tenant are actually paid for by that same tenant. In the past, most property managers charged an upfront security deposit on rental properties. The security deposit was generally a significant sum, meant to cover damages to the property’s furniture, accessories such as lamps, walls, paint, appliances and even carpets.
Property damage protection is increasing in popularity and is often preferred by tenants. In lieu of a large security deposit, homeowners simply take out a property damage protection insurance policy and pass the nominal monthly fee onto the tenants. Tenants often prefer to pay the monthly premiums because the overall charges are lower than a traditional security deposit.
Why Should You Have Property Damage Protection?
While most tenant problems can be avoided with careful screening, accidents can and will happen. Children and pets are part of many people’s lives and they can wreak havoc on a property. Property damage protection will cover the cost of disaster repair services should they be necessary to repair the damage caused by a tenant and family. Another advantage is that property damage protection offers coverage that is typically higher than that of a security deposit. While a security deposit is refundable at your discretion based on the property condition, it may not be enough to fully cover property damages.
Are you looking for disaster repair services in Ellijay? Please contact the professionals at Parker Young Construction. We can restore your property to its pre-tenant glory.