Finding the Right Insurance Policy for Your Property
The current housing downturn has created a new generation of reluctant landlords who are choosing to rent their homes instead of selling them at a loss. Until home prices improve, homeowners have turned to tenants to subsidize their wait. These new landlords should know that rental income is taxable, but the costs can be offset by deducting mortgage interest, real estate taxes, depreciation, repair costs and insurance. In fact, a landlord policy will actually cost about 25 percent more than a standard homeowners insurance policy, but it will cover structural damage, as well as any resulting lost rental income. At Scott Insurance, we can find the best policy for your property as an independent insurance company.