Financial Planning Tips for Success as a Landlord

renter insuranceYou have probably seen the late-night infomercials touting the glamour of being a landlord. The passive income gives you much more flexibility than a regular 40-hour per week job. Of course, it shows you all the glitz of finding a hidden gem, slapping up a “For Rent” sign, and getting a tenant to sign a lease in less than a day. What they fail to show you are the late paying renters or the crimp in your schedule because of busted plumbing. To be a landlord takes the ability to adapt and overcome the variety of issues that will come your way. One item every owner of rental properties needs is the right insurance coverage. A TSG Insurance agent in Calgary, Medicine Hat, or Brooks can help you get the best insurance to protect your real estate investment.

4 Suggestions for Landlords from the Leading Insurance Services

Give yourself a push in the right direction with these tips:

  • Flexibility and adaptability are essential. If you like a quiet, monotonous schedule that a regular job brings, then think twice about becoming a landlord. The days will vary – one day will be peaceful, the next may include busted pipes or a mold discovery. It is possible to find a 15-minute rent collection turns into an hour when the tenant makes you aware of a leaky roof. At that time, you will need to determine your next steps to remedy the problem, and it may not be an easy fix.
  • Be prepared to wear a variety of hats. Unless you are wealthy enough to hire help, you will play a variety of roles including a realtor, salesperson, debt collector, repairman, and even therapist. Recognizing this helps you to settle into those roles until you can hire someone to assist in your weak areas.
  • Make sure you understand the laws in your area. Rules are in place to not only protect you but to also protect renters. Understanding those requirements, such as fair housing laws, safety codes, laws for eviction, and how to handle a security deposit is vital to Additionally, you must not fail to protect your property with the right type of insurance. At TSG Insurance, we help landlords obtain the best coverage for their rental properties.
  • Accept that you will continually learn. Unless you already have experience in this field, know that you will be facing a learning curve and determine to meet it head-on. Let experience lead the way.

Contact a TSG Insurance Agent for Rented Dwelling Coverage

Renting properties can be a rewarding experience. Not only are you building your own financial portfolio, but you are providing safe dwellings for families to live and raise their children. Protect that investment with a policy that includes coverage for a variety of risk factors and damages. Since 1985, TSG has served Alberta landlords by only working with established insurance companies. Speak with a TSG Insurance professional today. Our experienced brokers will be happy to discuss your coverage needs.

Contact us for a free quote, and we will respond as quickly as possible. Also, please feel free to call us toll-free at 800-830-9423 to book an appointment at one of our convenient locations in Calgary, Brooks, Medicine Hat, Edmonton, or Bassano.