One of the most obvious risks to managing investment and rental property is damage to the buildings you own. Different insurance policy forms can be used to cover physical damage, ranging from a narrow list of named perils (causes of loss) to a broader coverage option for all perils unless specifically excluded. Examples of typical perils insured against are windstorm, hail, fire, smoke, and vandalism. All policy forms can be endorsed to include more comprehensive protection...for a fee, of course. The important thing is to understand what can go wrong, what your insurance options are and then balance your budget for insurance protection against those risks.
An area of insurance protection often overlooked by landlords is liability coverage; even the most diligent of landlords are susceptible to lawsuits. For instance, lawsuits can be brought against you as the rental property owner even though the actions of your tenants may have been the primary reason for the legal action. Owners, Landlords and Tenants Insurance and Lessor's Risk are the coverage types used to provide liability insurance, and some protection against lawsuits, for rental property managers.
The business of maintaining and renting property can also require other kinds of insurance, like business auto, inland marine for tools, and insurance coverage for business records and office equipment. Wilson, Timmons & Wallerstein Insurance, Inc. can handle that too.
Contact us today for a consultation and proposal for your rental business insurance program.