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2 years ago · by · Comments Off on Landlords

Landlords

shutterstock_327647339Are you a Landlord?

We will protect your investments properties from risk.

As a landlord, your real estate portfolio is one of your most valuable investments. You may be accepting your first tenant for a single unit condo, a property manager with a vacant property now facing high insurance costs and coverage gaps, or be a seasoned investor with several commercial and residential units. Whether you have one tenant or thousands, all it takes is one catastrophic injury or death on your property to send your portfolio up in flames. A prudent investor protects his assets from financial harm, and as a landlord, your properties, income and livelihood are at risk every day. Serious catastrophes happen, and when they do, you want to be sure you and your investment are protected from financial loss.

You wake up to a call in the middle of the night from your property manager. He alerts you that one of your apartment buildings is on fire. You jump out of bed and rush to the site only to see the fire department hosing down the remaining half of your building. You just paid your renewal, and email your agent to let him know about the loss. Thankfully, no one was seriously hurt in your building.

The next morning, an adjuster calls to notify you that your entire building needs to be torn down, due to extensive damage and a city ordinance requiring demolition. Your building was only insured 50% to value, and the expected reconstruction will not only cost you twice as much as your policy’s limit of coverage, but the updated building codes now require you to install sprinklers and a central fire alarm, estimated at an additional out of pocket expense of $150,000. On top of that our agent never recommended debris removal coverage, and now you’re faced with another $50,000 out of pocket expense.

Your tenants have been leaving you voicemails all day requesting reimbursement for accommodations at the local hotel. That afternoon, an attorney calls and claims he’s representing a tenant of a neighboring building, and her infant is in the hospital suffering from smoke inhalation. The current medical bill is already $75,000 and the infant is expected to stay in critical care for at least two more weeks. How will you cope with the loss of your investment and property and the thousands of dollars of associated expenses?

Landlords run into disasters such as these every day resulting in business failure or bankruptcy. Our agency has Landlord Insurance Specialists who will consult with you to help understand your potential risks and design a personalized set of policies to make sure you are fully protected.

Cautious Landlords protect their portfolio with policies such as:

Loss of Rental Income:

Perhaps one of the most important things to you, as a landlord, is your rent roll. If your property becomes uninhabitable, Fair Rental Income coverage will provide you with the rental income you would have received while your property is being repaired.

Ordinance and Law:

This will cover the increased costs from enforcement of building codes and municipal ordinance governing the reconstruction of your building.

Tenant Relocation Expense:

In the event your rental building becomes uninhabitable, you may need to pay expenses for your tenants’ temporary accommodations. This policy will provide coverage in paying these expenses

Equipment Breakdown:

This will cover the cost of repairing or replacing costly systems in your apartment building, such as the heating and boiling system.

Debris Removal:

This covers the cost of removing debris from your property after a major loss, such as a fire.

Make sure your insurance policy fully covers your valuable investments. Insurance Lords has long term relationships with over 50 major insurance companies to provide competitively priced insurance policies tailored to your specific needs. We can help you secure your insurance from a price competitive insurance carrier that knows your business. Our program includes a personal policy review at annual renewal, including building reconstruction analysis, and loss control and prevention analysis. Insurance Lords specializes in landlords and property managers insurance and will work with you to customize your very own policy.