Home » Tips On Property Owners Insurance For Multifamily Housing and Rental Property…
As a landlord, your business is as unique as the property you own. Insurance is a very important part of your investment. The question is what kind of coverage should you buy? You have to protect yourself from the people you employee to keep the rental property in shape and from issues that arise from your tenants. You have to be prepared from both sides. The following shows you a few insurance coverages that are available that will help protect property owners…
Employment Practices Liability Insurance
(EPLI) includes coverage for defense costs and damages related to various employment-related claims including allegations of Wrongful Termination, Discrimination, Workplace Harassment and Retaliation. The policy will usually provide third-party protection in the event of tenant discrimination when a current prospective tenant sues.
Businessowners Policy
(BOP), combines various insurance coverages – such as commercial property insurance, general liability and business income – into one convenient policy. BOP provides higher property and liability coverage limits with greater protection in case of fire or loss of income.
Flood Insurance
If you’re a renter, landlord or a property owner, insurance is always a necessity, but when it comes to flood insurance, the information can be a little murky. Conventional insurance doesn’t usually cover flooding, and if there’s a flood, it might not even cover the damage to the contents of the apartment or property. Purchasing a separate policy is a necessity.
Vacant Properties Insurance
When a property sits vacant for any stretch of time, it encounters a different set of risks than those facing an occupied structure. A vacant insurance policy offers much-needed protection for these vulnerable structures.
Using Tenant Screening Services to Reduce the Risk of Bad Renters
Landlords often make the mistake of renting out a home after just a short meeting or phone call and a basic paper rental application, only to find out later that the tenant can’t pay the rent or treats the property poorly. Tenant screening services reduce your risk of engaging bad renters on the front end, before the lease is signed and the new residents have moved in. Without screening processes in place, you have no way of knowing the reliability or responsibility of the people living in your rental unit until it’s too late.
What Is Workers Compensation Insurance?
Workers’ compensation provides medical expenses, lost wages, and rehabilitation costs to employees who are injured or become ill “in the course and scope” of their job. It also pays death benefits to families of employees who are killed on the job.
Is Cyber Insurance The Same As a Data Breach?
Is there actually a difference? Yes. Simply put, cyber liability insurance covers monetary losses from a breach AND provides legal protection. Data breach insurance only protects your financial interest. Data breach insurance can refer to several different policies that protect a company from financial losses as a result of a data breach. These policies include data breach insurance, cyber liability insurance, and technology errors and omissions insurance (tech E&O).
Make sure you are protected. Talk to your insurance agent who can help find the coverage that is right for your property and situation.
We are your trusted, family-owned independent insurance agency. Your family, your business, and your possessions are all important to you, but you may not know how to best protect them. We have the experience and local knowledge to navigate the unique risks you face, serving as your insurance advisor. Since 1999, Gartman Insurance Agency has proudly served our customers in Kentucky, Ohio, Indiana, Tennesee, and Alabama, helping them to find the right insurance coverage to fit their needs. Our customers are our priority, and we are always finding ways to better serve them, whether that’s helping them find a better policy or giving them the power of choice when it comes to their insurance coverage. > Learn More
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About Gartman Insurance
