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Asset Protection & Insurance: Is Your Burlington Rental Property Covered?

Filling Out Insurance Paperwork with a Model House in the ForefrontIt is common knowledge that Burlington landlords require high-quality insurance to shield their real estate investments. Nevertheless, there are numerous insurance types, each with its own coverages and limits. Consequently, it can be difficult to determine which insurance you need. Here are just a few examples of what is available: landlord or investor insurance, landlord liability, umbrella, and flood insurance. Knowing what each type of insurance protects against can help you decide on the best type and amount of coverage to use to safeguard your rental property assets because multiple kinds of insurance are made to protect various things. 

Landlord Insurance 

Landlord insurance is one of the most valuable types of insurance that rental property owners desire. Landlord or investment property insurance shields investment property, unlike homeowner’s insurance. This insurance typically covers the rental home as well as exterior features like sheds and fences. Because landlord insurance does not cover your tenant or your tenant’s personal property, the majority of Burlington property managers mandate that their tenants buy their own renter’s insurance policy, as well as tenant liability insurance whenever applicable. 

Landlord Liability Insurance 

Landlord liability insurance is additional vital insurance you ought to be aware of. Landlord liability insurance varies from investment property insurance but is typically part of the policy. This is so that losses from damage, theft, or vandalism committed by tenants or their visitors are covered, as well as liability in the event of an injury. The objective of landlord liability insurance is to preserve and protect your investment and the rental property. 

Umbrella Insurance 

An umbrella policy is exactly what the name implies: wide coverage for a rental property that supplies an additional layer of protection for people who own property or have a lawsuit-prone occupation. Since being a landlord falls into both of these categories, you should consider purchasing an umbrella policy to protect your assets if you are sued for damages that exceed the limits of your other insurance policies. Typically, these policies also safeguard the insured against rent loss, damage to other people’s property, and bodily harm caused by someone else, such as a tenant. 

Flood Insurance 

It’s important to keep in mind that most of the time, not even an umbrella policy, will protect you from flood-related losses to your rental property. Flood insurance is typically sold separately as a separate policy through the National Flood Insurance Program (NFIP) for many reasons. This kind of insurance usually covers the actual cash value (not the cost to replace) of the home’s physical structure and, if applicable, a detached garage. Although many Burlington property owners believe they do not require flood insurance because their property is not located in a “high-risk” area, the reality is that floods can and do arise anywhere and usually strike without warning. Whether caused by a burst pipe or an abnormal amount of rainfall, flooding regularly damages and destroys homes. 

With several different types of insurance, it is essential to carefully examine your coverage amounts to make sure that you are not paying for insurance you do not need and that the insurance you have provides adequate coverage. Nonetheless, it can be challenging to see if you have the proper insurance coverage if your team lacks dependable industry experts. Real Property Management Sterling can advise you on how to maintain your significant properties and financial well-being with the most appropriate insurance coverage. To learn more, contact us online or call us at 802-861-6468.                              

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