Most people have insurance policies to cover their most significant assets or possessions, such as their home or vehicle. However, many wonder if they have adequate coverage to protect their investments if something unfortunate happens. That’s why so many people in the Quinlan, TX, area rely on the friendly and experienced team at Daniel Carinici Agency LLC for all their umbrella insurance needs and questions, like what types of options umbrella insurance offers.
Landlord and Umbrella Insurance
Landlord insurance is similar to a home insurance policy as it covers:
- Property damage from fire, vandalism, or other covered perils
- Other, non-dwelling assets at the rental property, such as appliances or tools
- Personal and medical liability for injuries that occur at the property
However, landlord policies limit their payouts, leaving the landlord responsible for any liabilities exceeding the policy limit. However, umbrella insurance is available to supplement the underlying landlord policy by paying for additional liabilities up to the umbrella policy’s limits. Since umbrella insurance is not often activated, it remains affordable, yet it keeps you from the catastrophic damage that sometimes occurs.
Umbrella insurance is useful when people own property in more than one state. They often protect themselves with LLCs or legal entities in each state, but creating those legal entities takes time and money, while umbrella insurance covers them and quickly.
How you choose to protect your rental properties depends on your circumstances and risk tolerance. Still, you should discuss your needs with an experienced agent who can present options and help you make the appropriate decision.
Insuring with Daniel Carinici Agency LLC
The Daniel Carinici Agency LLC team serves Buffalo, NY, and helps protect rental property owners’ assets. Call (206) 315-7984 today to discuss your options.
