Did you know that nearly five million U.S. citizens lose their homes from foreclosure and eviction yearly? It's unfortunate, but sometimes evictions are necessary.
Criminal activity and property damage are two legitimate reasons for evicting someone. Despite this, evictions in Denver and elsewhere aren't always easy, which is where eviction protection comes in.
Eviction protection plans are a form of landlord security that helps protect your rental property and finances. Keep reading to learn more about eviction protection and its many benefits.
Eviction Protection Plans vs Tenant Eviction Plans
Proper landlord security involves numerous plans. For example, an established expense budget helps keep your finances in check. A tenant eviction plan is a method of legally removing a tenant from your property.
Typically, all a "tenant eviction plan" requires is a formal notice to the renter detailing:
- The reason they're being evicted
- A timeframe for the renter to address the eviction
- For example, a 7-day time frame for non-payment
- Or 12-day duration notice for lease violations
However, landlords can take other steps to remove tenants from the residence if they don't comply with the notice. You can file a lawsuit and come to an agreement with the tenant in court.
The issue with pursuing tenant removal in court is it can get costly. The eviction protection plan (EPP) can help defray these costs. An EPP ensures landlords aren't handling the burden of legal costs totally out of pocket.
To summarize, a tenant eviction plan helps remove renters who you no longer wish to be boarders. An eviction protection plan can help you remove said tenants at little to no cost.
That said, make sure you know Denver's eviction laws. You can't unlawfully remove a boarder from the premises solely because you dislike them or their (legal) habits.
Eviction Protection Plans: The Other Benefits
EPPs offer eviction legal support, but what other benefits do they offer? Some plans may provide reimbursement for funds lost during the eviction process. Landlord insurance is another form of eviction protection.
There are three types of landlord insurance:
- Rental property insurance
- Liability insurance
- Landlord's content insurance
Rental property insurance covers damage caused by fire, wind, and vandalism. Liability insurance is legal protection from tenants and content insurance covers furniture and appliances that don't belong to tenants.
It's not as simple as purchasing any insurance, though. You must consider coverage limits, payment terms, and the insurer's quality.
Ensure Landlord Security
Landlording is hard and evictions can be even harder, but you don't have to do it alone. Eviction protection can help cover legal costs and tide you over financially when the eviction process hinders funds.
EPPs aren't the only help for Denver landlords. PMI Cedarboldt can handle the eviction process for you. We can deal with difficult tenants and take care of any legalities should they arise.
The Cedarboldt team also aids landlords with maintenance, rental collection, marketing, and more. We'll help ensure the safety and continued profitability of your rental property. Don't hesitate to contact us today!
