Those renting out property to others for residential, commercial or any other purpose are subject to significant risk. Many, therefore, take out a landlord insurance policy to cover them in case of any losses they might suffer. However, sometimes, in a time of need, the insurance company may refuse to pay or may unnecessarily delay payout. This can cause significant expense for the landlord.
Tampa Landlord Insurance Lawyer
Michael Germain represents the owners of rental properties whose insurance companies fail to meet the obligations in their policies. A Tampa landlord insurance lawyer can assist you if you have any difficulty recovering after a disaster, a lawsuit, a problem tenant or any other matter than insurance should cover. Contact the Germain Law Group today at 813-835-8888 to schedule a free consultation.
The Germain Law Group represents landlords throughout the Tampa area, including in Hillsborough, Pinellas, Pasco, Polk, Hernando, Sumter, and surrounding counties.
Information on Landlord Insurance Claims
- Reasons Landlords Take Out Insurance
- Delay or Denial of Landlord Insurance Payout
- Finding the Best Insurance Attorney for Landlords in Hillsborough County
Reasons Landlords Take Out Insurance
Whether the property is a single-family home, a multi-family apartment complex or any other rental property, there are many wise reasons why a landlord would take out an insurance policy. The scope of your insurance policy should be laid out in the policy documents.
- Named Perils: Property insurance covers losses due to disasters, like hurricanes, and other accidents, like fires or floods.
- Problem Tenants: A tenant can cause extensive damage while living in your unit. Sometimes his or her security deposit hardly begins the cover the extent of the damage, and recovering from the tenant may be impossible. An insurance policy might cover this type of damage.
- Liability: As a landlord, you may have very little control over who comes in and out of the property you own. A tenant, a guest or an independent contractor working on your property may get injured on your property due to a slip and fall, loose handrail, loose step on a stairwell, in a parking lot accident, as a crime victim or in many other ways. Liability insurance protects you if you are sued.
- Fair Rental Value: In Central Florida, we have hurricanes and occasional other disasters. These disasters can cause evacuations or otherwise make your rental units unlivable for a period of time. Fair rental value coverage compensates you for the loss you experience due to a forced evacuation or loss of the use of rental property.
- Lock Replacement: Being a landlord means frequently needing to change locks, key cards and other access devices. A landlord’s insurance policy may cover this expense.
Delay or Denial of Landlord Insurance Payout
Your insurance company may attempt to deny or delay your payment. They may claim that the damages are not covered. For example, they may claim you should use the tenant’s security deposit for the loss, even if the loss would not be covered by the security deposit or when the security deposit is insufficient.
You do not have to accept the insurance company’s offer. An attorney can help you get the recovery you deserve from your insurance company.
Finding an Insurance Attorney for Landlords in Hillsborough County
If are having any trouble obtaining your payout from your insurance company on your landlord policy, contact the Germain Law Group. Michael Germain is a skilled Tampa lawyer who advocates for policy holders, including landlords with insurance to protect them. Call 813-835-8888 today to schedule a free consultation.