With much of the State of Oregon currently on fire, right now landlord insurance is more important for owners than ever before because fire can destroy a rental property in minutes.
If you don’t have landlord insurance for your rental property, you should get coverage immediately because the unprecedented 2020 fire season could mean that we’re facing a fire season in Oregon that could last until November 2020 at the latest.
What Does Landlord Insurance Cost?
Thankfully, landlord insurance is affordable with most policies ranging from $822 to $1000 a year.
The nominal cost of landlord insurance is certainly worth the annual investment considering that the average rental property can cost $70,00 to $350,000 to rebuild a 2,000 square foot rental property.
How Much Will My Commercial Fire Insurance Company Pay?
The amount of coverage you will receive in a fire damage claim depends on the terms and limits outlined in your commercial policy. For this reason, it is vital to choose coverage that fits both your specific needs and your budget. Owners of condos, apartments, and other rental properties can suffer significant losses after a fire, including the costs of:
- Relocation. Most rental property policies offer relocation coverage in the event that a tenant is displaced due to a fire that was not his fault. In large complexes with multiple dwellings, this cost quickly adds up.
- Restoration. Smoke, water, and fire damage all pose particular dangers to your property. Once you have documented all of your losses, you must begin rebuilding and restoring your rental property as quickly as possible. You must ensure that your structure meets all building codes and is habitable and safe before your tenants return. Unfortunately, most policies cover only the cost to restore the structure to its pre-loss state, leaving the owner to cover the costs of any upgrades out of pocket.
- Lost rental income. Your tenants won’t be paying rent while repairs are underway, depriving you of much-needed income. An insurance policy that includes rental income protection can keep money coming in while your repairs are made, allowing you to make mortgage payments, cover unforeseen costs, and avoid foreclosure to the total loss of your property.
Oregon Wildfire Update
More than 500,000 people in Oregon have been forced to evacuate because of wildfires – over 10% of the state’s population – as the blazes continued to race through more than a dozen Western states Friday.
At least 17 people have died and hundreds of homes have been destroyed by more than 100 major fires that have consumed an area nearly the size of New Jersey. At least 12 deaths have been reported in California, four in Oregon and one in Washington state.
Nearly 28,000 firefighters and support personnel are assigned to wildfires across the West, and evacuation orders are in place for residents near 42 large fires, the National Interagency Fire Center said Friday. Wind-driven fires were also burning in Alaska, Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Texas, Utah and Wyoming.
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