If you rent all or part of your property to others, it makes sense to buy this special type of Homeowners insurance. A Landlord policy will cover damage to the building and your belongings, and protect you against potentially catastrophic legal and medical cost suits from lawsuits by people injured on your property.
If the property is mortgaged, the lender will usually require that you buy enough coverage to pay off the outstanding loan balance.
Above this level, you can tailor your Landlord coverage to your needs and budget in a number of ways:
Changing the deductible (which usually ranges from $100 to 5% of the building coverage).
Selecting the type of losses covered, by buying either “comprehensive” coverage – which pays for losses from all causes, unless specifically excluded – or on a “named perils” basis, which covers only losses from a listed number of causes.
Choosing the type of reimbursement – either “actual cash value” (the value of your property, less depreciation) or the more expensive “replacement value.”
Adding coverage to provide reimbursement for loss of rental income during a period when the property is uninhabitable.
Covering increased liability risks from dealing with tenants, such as legal fees, libel, slander, and discrimination claims.
In making your decision, assess the benefits of potential premium savings against the risk of paying for hefty classes.
Our Homeowners’ Insurance specialists will be happy to evaluate your situation and recommend a comprehensive, cost effective solution. Just get in touch with us at any time.
Here are the Top 3 Blog Posts for March 2013. Thank you for making our blog a success. We post articles that are educational, relevant and fun. Please tell us how we can improve! Enjoy, Your Scurich Insurance Services Team!
We Want to Hear From You!
Countless advertisements depict "Flo", or a gecko, as possible advocates in the insurance arena. Hopefully our competitors will take the bait and settle on a fictitious character or a reptile to save a few bucks. Our firm sees the value in the genuine article, the seasoned professional.
The Scurich Family has provided both insurance products and valued advice to my family for three generations.[…]
The nationwide debate over gun control in the aftermath of the Newtown massacre has raised a number of issues – including potential insurance liability for businesses in states that permit citizens to carry concealed weapons. Here’s why:
A company that allows customers or visitors on its premises has a legal obligation to exercise "reasonable care" in keeping them safe, a responsibility that includes warning them about any hidden dangerous conditions.[…]
Engineers, firefighters, lawyers, teachers, and police officers all have one thing in common: they qualify for Auto insurance discounts with some insurers who have found that people in certain fields tend to be less risky drivers than those in other occupations.
A number of insurance companies offer discounts to those in a variety of professions everything from architects, CPAs, and college professors through librarians, military personnel, and pilots, to physicians, registered nurses, and scientists.[…]
Basic health interventions can help your business lower short-term disability rates, while reducing your employees’ time away from work. That’s the bottom line of a nationwide study of 118,000 employees by CIGNA, a major health services
company.
CIGNA found that these measures, combined with predictive analytics, cut disability rates by 15% among employees at high risk of suffering disability within in the next 12 months. (The study defined “high risk” as a 10% or greater probability of becoming disabled during this period).
“By identifying workers at high risk of future short-term disability and providing individualized intervention that includes coaching, incentives, and other outreach, our study shows that the onset of disability absence can be reduced measurably, benefiting employers and employees alike,” says Dr. Robert N. Anfield, chief medical officer for CIGNA’s Disability business. Future studies will deal with the impact of intervention on the length of short-term disability, return-to-work rates, and total medical costs.
The company’s Absence Prediction and Prevention program establishes an intervention, led by a nurse/health advocate, that provides:
Early identification of workers at high risk for future short-term disability.
Proactive outreach to these employees.
Clinical Assessment.
A range of disability absence prevention strategies.
By proactively identifying employees who might be having health problems before their condition worsens and they need to leave work, you can help workers stay healthy and potentially prevent or lessen the impact of injuries or illness – which translates into lower absenteeism, higher productivity, and a healthier bottom line.
It makes sense to develop an absence prevention program that emphasizes preventive health safety training. As always, we stand ready to offer our advice.
Umbrella Insurance is a supplement to your existing policies that offers up to $1 million or more in additional coverage beyond what is available from your auto, homeowner’s, and other property or vehicle policies.
So why should you make it a part of your insurance portfolio? Here are three situations where umbrella insurance can help.
Do you have a rental property or rent out your home?
Umbrella insurance covers liability on rental units. If you own a rental property or vacation rental, umbrella coverage can be invaluable for you as a property owner. Many things can a do go wrong when you rent out your property. Be sure you are protected with an umbrella policy.
If you are responsible for a serious accident.
Auto insurance is designed to protect you in case of an accident for which you are held responsible, but this does not mean that the amount of insurance coverage you currently have will be enough to cover all damage caused in some situations. If you cause an accident with a high-value vehicle or there are serious personal injuries that need to be paid for, you may quickly exhaust your automobile insurance coverage. With umbrella coverage, you’ll have an extra policy so you do not end up paying for these expenses out of pocket.
What about other vehicles?
Boats, motorcycles, and other personal pleasure vehicles can present you with unexpected liability issues for which your existing insurance policies may not cover. Asking your insurance agent about umbrella insurance and if it may help supplement your current coverage could prevent financial disaster.
Scurich Insurance Servicescan help you see how umbrella coverage could benefit you. Call them today! 800-320-3666
