Four tips for landlords in Great Park Insurance in Irvine, CA

Four Tips For Future or Current Landlords

Four tips for landlords in Great Park Insurance in Irvine, CAWhether you are looking to buy an investment property or are looking to change your existing home into a rental property, there are some things you should know about becoming a landlord. Most people choose to become a landlord for financial investment. By following these tips below, you can make being a landlord easier and more enjoyable for you all while improving your tenant’s happiness and rental contract longevity.

Provide a well-maintained property

If you are looking to purchase a home as a rental property, you must consider the cost of improvements you will need to make to the property in order to make it rentable. While someone may rent the property in its existing condition, a home that is in good repair will help you maximize the rent you are able to collect along with ensuring the home itself does not develop additional issues from lack of maintenance.

Things to look for & questions to ask yourself:

  • Is the caulking around windows, doors and siding maintained?
  • Are your gutters cleaned and free from debris?
  • Who is maintaining the yard?
  • If you have a fence, is it in good condition?

When you are shopping for a rental property, ask yourself these questions:

  • Will the home need an updated exterior paint job?
  • What is the current condition of the roof?
  • What is the condition of the crawlspace?
  • How old are the appliances?
  • Does the home have updated electrical?
  • What could I update to make the home look its best?
    1. Typically a fresh coat of paint in the interior can make a home look more up-to-date.
    2. Add backsplash, tile or Beadboard wall paneling.
    3. Add crown modeling in the living room, kitchen or bedrooms.
    4. Add more lighting in the home.
    5. If the kitchen or bathroom is really dated, consider updating it with new appliances, vanity, cabinets or tile. You can also consider replacing the shower or bathtub.

The best part of buying an investment property is you don’t have to necessarily “flip” it to get it on the renting market. A few upgrades mentioned above can make a home nice without breaking the bank.

Eliminate Safety hazards

Want to avoid headaches, lawsuits or home insurance claims? Be sure to focus on eliminating any safety hazard from your property. From a liability standpoint, you will want to be sure that the property is void of any safety hazards such as loose railings, uneven walkways, cracked decking or faulty stairs. A well-maintained property will help you maximize your property’s profitability and keep your tenants safe.

Quickly address issues

When problems arise, and they will, it is important to quickly address them with your tenant. Some landlords choose to have rental management companies intervene, while others either do the repairs themselves, or ask the tenant to get it repaired and take it off the next month’s rent. If the issue is a safety concern, do not ignore it. If you are made aware of a safety issue and ignore it, you may be liable if something happens. Whatever your agreement is with your tenant, be sure to address repairs quickly. This may help mitigate additional damage from occurring.

Be available to your tenants

Being available to your tenants can help you develop longstanding renters who stay at your property for years. Since one of the largest risks of being a landlord is having a vacant property, the longer your renters stay, the more revenue your property can generate. By being a good landlord and available to them easily they will know you care about them and the property they are renting.

Being a landlord comes with risks, but also huge financial rewards. Following the suggestions above you can create long-standing renters who not only take care of your property but help you build financial wealth along the way.

If you have questions about landlord insurance, call our agency. We can discuss all of your insurance coverage options when it comes to being a landlord. Call or email us for a free quote.

Insurance Account Manager in Irvine, California

Meet Stephanie Flores (Account Manager)

Who She Is

Insurance Account Manager in Irvine, CaliforniaAt Great Park Insurance (GPI) in Irvine, CA, our main priority is to serve our community the best way we can. We are only able to do this due to the amazing staff that we have. From home insurance to umbrella insurance and even business insurance, we do our best so you can feel the best. One amazing person that strives to give the best service they can is one of our Account Managers, Stephanie Flores.

Flores has been with GPI for three months now and has already become such an integral part of our time. Her daily routine involves a lot of talking to our members directly as she is the backbone of the servicing committee. She assists all members with any changes they would like to make to their policies. For example, if you were to purchase a new vehicle and want to add it to your auto policy, she would be the one to assist you in doing so. Flores also does a great job at answering any questions that come her way.

“I want to make sure our clients are getting the best options,” Flores says when talking about rewriting policies or reviewing renewals. These are also an important part of her day as she works hard to reevaluate existing policies for better alternatives if available.

Background

Flores also has a strong background in insurance four years in counting. When asked about what she liked about the insurance industry the most, she responded by saying that, “Working in the industry is constant learning. There is so much to learn each day!” This is especially true for Flores as she adapts often to suit customer’s needs and learn more about each of the carriers on how to better assist when questions come her way.

She finds a special place in GPI, though, as she truly believes that the staff ensures that clients are getting the best service and options in insurance. This is also thanks to Flores herself! Again, Great Park Insurance can only be as great as it is with the help of those who upkeep the brand reputation of helping our community.

Future Plans

Past all of the insurance, Flores loves to travel and watch movies and shows such as Gilmore Girls. She also loves a good success story and has a solid theory on the key to success herself.

“Be mindful in both your personal and professional life,” She starts, “Success doesn’t always mean that you’re making a lot of money. Success is having a healthy life and loving what you do!”

Such wise words from someone who truly gives it her all every day. For the last question, Flores was asked where she saw herself in five years. Sticking true to her experience, Flores hopes to be successful in the insurance industry. With the way she carries herself and the work she puts in, we have no doubt that she will be successful and loving what she does in the near and distant future. Thank you, Stephanie!

To see more about our staff, please check out our Instagram page and Yelp through our website.

Six life changes that impact your home insurance in Irvine, CA.

Six Great Upgrades To Your Home & Why You Should Alert Your Agent

Six life changes that impact your home insurance in Irvine, CA.Many homeowners upgraded their homes in the last 18 months. Whether it was bringing a furry friend into your home, updating a kitchen or bathroom, or adding additions like a swimming pool, trampoline, or detached structures, these upgrades make living in your home more enjoyable. If you completed any of the following updates or additions to your home, contact us!

Kitchen or Bathrooms

If you have made significant upgrades to your kitchen, bathroom, or other rooms in your house, you’ll want to share this with your insurance agent. Your current home insurance is based on the value of your home. When you make significant updates to your home, your home value will increase. In the event you have a home insurance claim, you want your home insurance to cover any losses. If you made significant updates to your home but failed to tell your insurance agent and experienced a home insurance claim, you may not be covered for what your home is actually worth.

Detached Structures

Similar to upgrading your kitchen, bathroom or adding square footage to your home, it impacts your home insurance policy. If you added a detached structure to your property, relay this information to your agent so we can update your home insurance policy.

Swimming Pool

Swimming pools do increase your liability and it is important your pool has all the safety precautions in place. Does your swimming pool have proper barriers or fencing around the pool? Most insurance carriers require a fence of at least four feet to be present around your pool. Do you have floatation devices for young children? Lastly, be sure to regularly inspect items used in or around your pool. For example, slides, diving boards or floatation devices.

Trampoline

Be sure to read your current home insurance policy before purchasing a trampoline. Home insurance coverage for trampolines vary both by state and insurance carrier with some not wanting to insure them at all. Talk to your insurance agent about coverage options if you are considering buying a trampoline.

Dog

A furry friend can be the perfect companion and a great addition to your home. It is important to tell your agent if you have a new dog in your home. Many insurance carriers do consider certain breeds higher risk and as a result, your home insurance policy premium may increase. Breeds such as Pit Bulls, Rottweilers, German Shepherds, Huskies, Doberman Pinschers, Akitas or Great Danes may not be insurable by all carriers. While we never want to assume your dog will ever injury someone, it is important to always be properly covered. If you do not report owning a dog to your insurance carrier and you have a claim against your dog, you risk not being covered.

Contact our agency if you have made any of the following changes to your home life. We will be sure to inform your insurance carrier to ensure your home insurance policy is up-to-date and you are properly covered.