For most owners, rental property is a significant investment, so protecting it is vital. Rental owners need to obtain the appropriate landlord insurance for each property, and they are often wise to supplement their landlord policy with comprehensive and easy-to-obtain umbrella insurance. Our All-Star Insurance Brokers Inc. team, serving Aurora, CO, can help structure coverage to best meet your insurance needs as a rental property owner.

Landlord and Umbrella Insurance

Landlord insurance is comparable to a home policy because it covers:

– Damage to dwellings and other structures caused by covered perils

– Assets such as lawnmowers and appliances used at the rental property

– Personal liability and medical payments for injuries suffered on your property

Like other insurance, landlord insurance has coverage limits, including for third-party liability claims, so property owners acquire umbrella insurance to supplement the limits of the underlying landlord policies. Umbrella insurance is relatively inexpensive since it does not activate in most situations, but it is an investment savior when it does. It can protect your assets from being claimed following a lawsuit.

Umbrella insurance offers unique advantages for those with property in multiple states. You can obtain some protection by forming an LLC or other legal entity in each state, but that process takes time and money. Obtaining umbrella insurance covering multiple properties is fast and easy.

Properly insuring your rental property requires decisions that vary with your situation and risk tolerance. Discussing your needs with a skilled and experienced agent helps you make the best decision for your business.

Working with All-Star Insurance Brokers Inc.

The All-Star Insurance Brokers Inc. team proudly serves Aurora, CO. Our experience insuring rental property owners can help you obtain the protection you need. Call (303) 745-2886 or stop in today to discuss your insurance options.