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Asset Protection & Insurance: Is Your Bixby Rental Covered?

Filling Out Insurance Paperwork with a Model House in the Forefront

Bixby landlords need high-quality insurance to safeguard their real estate investments. However, there are numerous varieties of insurance, and each has unique coverage and limits. This can make it difficult to determine which insurance you need. A few examples include landlord or investor insurance, landlord liability insurance, umbrella insurance, and flood insurance. Knowing what purpose each type of insurance serves can help you determine how to best protect your rental property assets with the appropriate type and amount of coverage because various types of insurance are created to protect numerous things. 

Landlord Insurance 

Landlord insurance is among the most essential forms of insurance for owners of rental properties. Landlord or investment property insurance protects investment property, as opposed to homeowner’s insurance. Typically, this insurance supports the rental home and exterior features, such as sheds and fences. Because landlord insurance does not support your tenant or your tenant’s personal property, most Bixby property managers require tenants to purchase their own renter’s insurance policy and sometimes tenant liability insurance. 

Landlord Liability Insurance 

Landlord liability insurance is another major type of insurance you should understand. Despite being distinct from insurance for an investment property, landlord liability insurance is frequently covered by policies. This is a result of the fact that this form of insurance covers losses linked to damage, theft, or vandalism induced by tenants or their guests, as well as liability in the event of injury. Protecting your rental property and the financial aspects of your investment is the goal of landlord liability insurance. 

Umbrella Insurance 

An umbrella policy is exactly what it seems like: comprehensive coverage for a rental property that brings an additional layer of shielding for individuals who own property or have a lawsuit-prone occupation. Because being a landlord falls under both of these categories, it is important to consider getting an umbrella policy to protect your assets if you are sued for damages that go beyond the scope of your other insurance coverage. In addition, these policies generally defend the insured against loss of rent, destruction to other people’s property, and injuries caused by third parties, such as a tenant. 

Flood Insurance 

It’s crucial to remember that a flood-related loss to your rental property is typically not covered by insurance, not even an umbrella policy. Due to a variety of factors, flood insurance is typically sold separately through the National Flood Insurance Program (NFIP). The actual cash value (rather than the replacement cost) of the home’s physical structure and, if applicable, a detached garage are typically covered by this kind of insurance. Despite Bixby property owners’ misconception that because their property is not situated in a “high-risk” area thus they do not require flood insurance, floods can and do occur anywhere and frequently do so without prior notice. Floods frequently cause home destruction and damage, whether they are caused by burst pipes or unusually heavy rain. 

Given the wide variety of insurance options available, it’s important to closely consider your coverage amounts to both make sure you aren’t paying for insurance you don’t need and that the insurance you do have offers the appropriate level of coverage. But without trustworthy industry insiders on your team, determining whether you have the appropriate insurance coverage can be difficult. With the appropriate insurance coverage, Real Property Management Tulsa can aid you in deciding how to safeguard your valuable assets and financial stability. To learn more, contact us online or call us at 918-532-7020.                              

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