Washington Landlord Insurance
Some people think that renting out homes to people is easy work. All you have to do is sit back and collect the rent money. However, if you are a landlord in Washington, you know nothing could be further from the truth. As a business owner, you need business insurance but you also need specialized landlord insurance to make sure your financial interests are protected from all kinds of trouble. Without the proper insurance you could be placing your entire future in jeopardy, and here is an example.
Barry was not the kind of person that wanted a boss to answer to, and he worked a few years in a local factory until he had enough money to buy a rental property. Within 7 years time, Barry had purchased five duplex units all on one street near his home, and he was running the business as a full-time profession. Barry knew he had to keep rental property insurance but he was a very frugal businessman and he didn't want to spend too much on his insurance.
Barry's insurance agent went over all his needs during his annual review and for several years now the agent was trying to explain to Barry, just how important it was to add flood protection to his duplex owner insurance policy. However, Barry wouldn't budge because his properties were not in a flood plain and he thought "it can't happen to me". This kind of thinking came back to bite Barry right in the wallet.
Three years later, a major storm swept through the Vancouver region and there were torrential rains, causing significant flooding on the street where Barry's duplexes were. In fact, the flooding caused significant damage to the properties and the repairs were far more than Barry could afford. Soon, Barry out of business for good and now he is back working at the factory and dreaming about a better life.
What is Landlord Insurance?
Landlord coverage is specially designed to handle the many risk factors a landlord faces today. It is supposed to cover all possible hazards but as you can see by the example story, not all policies are the same.
Who Needs Rental Property Insurance?
Whether you rent one house or an entire apartment complex, you are a landlord and you need insurance designed for businesses that rent out residences. Here are some of the properties this insurance can cover:
- Residential homes
- Vacation cabins
- Apartment buildings
- Multiple family units
- Condo rentals
- Townhouse rentals
- Live-in residences - if you buy a duplex and live in one side while renting out the other (for money), you are a landlord and a homeowner and you need landlord type insurance.
What's in a Typical Apartment or Duplex Owner Insurance Policy?
- Commercial property coverage - this can be limited to the structure and the tenant will be responsible for their furnishings and possessions.
- General liability - covers accidental injuries on your premises, but tenants are usually liable for accidents occurring inside the home, when it is not a structural issue.
Landlord Insurance Options
You may want to think about these coverage options:
- Worker compensation - if you have employees
- Flood insurance
- Earthquake coverage
- Sewer backup protection
- Additional liability insurance - can cover clubhouses, pools, trampolines, and play equipment claims.
- Commercial vehicle insurance
- All peril hazards - will cover hazards unless they are listed in the policy.
- Replacement cost - allows for inflation when your property is a total loss, and will pay to rebuild.
- Equipment breakdown
- Environmental cleanup services
Getting the Right Rental Property Insurance
With so many insurance options, it can be hard to choose the right policy. Plus, most insurance policies are written in "insurance language" and it can be difficult to determine what kind of claims are allowed or excluded. That is why many rental property owners come to Columbia Insurance Group for their Oregon and Washington business insurance. We understand the language of insurance and are here to act as interpreter and translator when you need us.
Why spend all your time shopping for insurance when you can be focusing your energy and efforts on the aspects of running your business? Let your independent insurance agent from Columbia Insurance Group comparison shop for you and show you the best options and the most affordable premiums.
A standard insurance agent works for an insurance company and when you go to see this person, he or she is limited to the coverage options (and available discounts) from only one insurance company. Because your agent at Columbia Insurance Group is independent you can receive the best options from several companies and this ensures excellent coverage and affordable premiums.
Every day your business is under-insured you are taking chances with your future. Why not check out our free quote form today? It's so easy to get a quote on your apartment or duplex owner insurance, and it only takes a few minutes.