Are You an Owner of a Rental Property? We Can Help You Keep Your Property Insured
New Jersey beaches are a getaway for so many people over the course of a summer. Homeowners in the resort towns already know the first benefit of renting units out as a great way to earn income, but there are more.
The second benefits come in the form of Landlord Tax. When you rent your home to another person, you can deduct quite a few things. Like depreciation on the value of your home. You can deduct rental loss, quite simply you can collect a portion of any rent loss due to non-payments and so on.
Following that, there is an entire laundry list of deductions. You can deduct the costs of cleaning, repairs, utilities, advertising, supplies, travel expenses, professional fees, interest and the most important tool any landlord owns, rental property insurance.
Under the insurance rules, rental property to be covered under personal insurance is a property owned by an individual, not a partnership, corporation or LLC. It must be rented to individuals as well. In a multi-unit structure, you can have up to four units and the property owner may live in one of them.
There are guidelines to follow, but in the end, they are in the property owner’s best interests. As there are benefits to renting, there are also dangers like theft from outsiders as well as tenants. That’s why it’s always best to speak with your insurance providers and in New Jersey, the provider you should talk to first is the Schumacher Insurance Group.
They know New Jersey, they know how many units are rented over the course of the summer and most importantly, they know the best rental property insurance for your situation. Take the time to call Schumacher Insurance and relax knowing that your property is in the safest hands in New Jersey.