Being a landlord is tough—you’re responsible for managing a property without living there, and depending on what kind of tenants you have, that can seem impossible. To make matters worse, taking responsibility for both your personal property and the rental you manage can leave you vulnerable to various liability claims that can put a huge strain on your finances—even if you have rental insurance.
Luckily, there’s umbrella insurance. Umbrella insurance essentially covers the gap between your basic rental insurance amount and the actual cost incurred by a claim filed against you. An umbrella policy kicks in when your rental is used to its fullest potential, and it can come in handy when an unexpected claim is submitted at your expense.
Say a tenant trips on a loose floorboard in your rental property, then files a claim against you for failing to maintain your property. If the cost of that claim is greater than what your rental property insurance covers, that’s when umbrella coverage would kick in.
It’s not just physical liabilities that umbrella insurance covers—things like slander and libel can have a negative financial impact on your property management business, and umbrella insurance can help minimize that loss.
As a landlord, you need an insurance policy that is as unique as your rental property. That’s why it’s essential to customize your combination of rental insurance and umbrella insurance with a trained professional. Contact Avery Hall today at 410-742-5111, and one of our agents will guide you through the process of finding the right coverage for you and your property.