Coverage by Industry
COVERAGE BY INDUSTRY
Investment Property Insurance
Protect your rental properties with help from an experienced, independent insurance agent.
Do you own several income properties? Then you know what a big investment it is. Whether it’s an apartment building, condo association, strip mall, or office building, a lot of time and money goes into maintaining a rental that attracts and holds onto great tenants.
Unfortunately, no amount of maintenance will protect your properties from disaster. Tragedy is just a fact of life, and it pays to be ready.
Do you know if your insurance coverage has what it takes to protect your financial assets if disaster were to strike? Will your agent be there to guide you through the stressful times, so you can get your investment back on track?
When it comes to landlord insurance, a United Valley member agent has you covered. Our members have income property agents that have the experience — and freedom — to design a comprehensive insurance package for your investment properties.
As an independent agent and member of the United Valley network, your agent has access to the nation’s most trusted insurance carriers. And when it comes to insurance, greater access means greater choices.
Your income property agent will help you find the best combination of coverage and price, so you know you’re getting the biggest bang for your buck.
Learn More About Investment Property Insurance
WHAT DOES INVESTMENT PROPERTY INSURANCE COVER?
You have many coverage options to choose from — some come standard and others can be added based on your needs. Your investment property agent will assist you in selecting the coverage options that make sense for your properties.
Property damage
Coverage for damage to your buildings and personal property due to fire, storm, theft, vandalism, and tenant. Your landlord insurance policy should ideally cover the replacement cost of your entire property in the event of a total loss.
Liability
Coverage for liability claims and lawsuits. If a tenant, a visitor, or even a trespasser is injured on your property, you could be found liable. Liability coverage can help you pay for costs associated with bodily injury claims, including medical payments, funeral costs, and legal fees.
Loss of income
Coverage for lost income in the event your rental becomes uninhabitable due to a covered loss. Also known as “rental reimbursement,” loss of income coverage will help you stay afloat while your rental property is being repaired or rebuilt.
Optional coverage
Coverage for your needs. When reviewing policies with your agent, you’ll have the opportunity to purchase additional coverage, such as rent guarantee insurance, flood insurance, and other optional coverage. Your agent will help you review your choices.
IS INVESTMENT PROPERTY INSURANCE REQUIRED?
Landlord insurance is not required by law, but that doesn’t mean it’s unnecessary. If you’re collecting rent and managing properties, you’ll want to protect your investment. A big fire or tornado would cause a lot of damage, and without insurance, you’ll be paying out of pocket.
Generally, if you do not occupy the same residence as your tenants, you need a landlord insurance policy to cover it. Homeowners insurance will most likely not cover damage to a rental property unless you’re only renting out a portion.
HOW MUCH DOES INVESTMENT PROPERTY INSURANCE COST?
The cost of your investment property insurance policy will depend on a number of factors, including:
- Your location
- The size of the property
- The number of rental units
- The age and condition of the building
- If you have a pool
- If you rent to smokers
- If your electrical wiring is up to date
- If you have fire sprinklers
- If you have burglar alarms
- The amount of coverage you are purchasing
If you’re looking for the best value on landlord insurance, an independent agent is your best option.
He or she will compare prices and coverage from multiple insurance companies to find the right protection for your investments.
