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Protecting your rental property and other assets is vital for property owners. In addition to the landlord insurance needed to protect your rental properties, many property owners supplement their landlord insurance with easy-to-obtain umbrella insurance to provide an extra layer of protection. Our Ken Boldt Insurance Agency II Inc. team, serving Green, OH, can help structure coverage to best meet your rental property owner insurance needs.
Landlord and Umbrella Insurance
Landlord insurance is comparable to many home policies in that it covers:
– Damage to the property resulting from fire, vandalism, and other covered perils
– Appliances and other non-dwelling assets at the rental property
– Medical payments and personal liability for injuries related to the property
Landlord insurance has coverage limits that apply to the liability portion of landlord policies. If you are liable for an amount exceeding your landlord’s policy limits, umbrella insurance supplements it and pays the remaining liability up to the umbrella policy’s limits. Umbrella insurance is seldom activated but helps avoid financial catastrophe when it applies.
Umbrella insurance also provides advantages for people who own property in multiple states. Rental property owners often gain some protection by forming LLCs or legal entities in each state. However, the process requires time and money, while acquiring umbrella insurance that covers multiple properties is simple and quick.
Your choices regarding insurance for your rental properties will depend on your situation and risk tolerance. Still, discussing your needs with a skilled and experienced agent who can help you make the appropriate decision can be very helpful.
Working with Ken Boldt Insurance Agency II Inc.
The Ken Boldt Insurance Agency II Inc. team serves Green, OH, and has years of experience helping rental property owners protect their assets. Call (330) 896-1500 to discuss your options.
