A Better Way to Rent

This post is part of a series sponsored by PersonalUmbrella.com

I’ve found that a lot of landlords — especially new ones — don’t seem to get the right type of insurance, let alone high enough limits.

Renting is Risky

Landlords are usually underinsured with a basic dwelling/fire/landlord policy. This really isn’t enough coverage when a major claim occurs since the liability limits are normally capped at $500K and some claims can run into the millions.

All you have to do is search “landlord nightmares” and you’ll get an idea of what could be at stake.

The basic policy may leave a major gap and a landlord’s personal assets could be fair game.

A Smart Option to Consider

Think about recommending a personal umbrella policy in addition to the underlying to protect their investment and personal financial assets. Umbrella policies have higher liability limits (some up to $15MM) and won’t break the bank with premiums.

Even better, most include specialized legal defense.

A standalone personal umbrella works well for agents who might not control all of the insured’s underlying policies; it’s an “a la carte” option when you’re not the agent of record.

For Landlords Who Aren’t People

If your insured is renting their property as a DBA or LLC, you may be able to add that entity as an additional covered person — this is a unique offering so be sure to check with your umbrella carrier.

An umbrella can be a lifesaver for landlords of all types. Now only if it could unclog that sink, too.

More from PersonalUmbrella.com Blog

About Daina Kawchack Smith, Chief Marketing Officer, PersonalUmbrella.com

Daina Kawchack Smith is a respected leader in the field of personal umbrella insurance. With over 23 years of experience in the insurance industry, Daina brings a breadth of experience to help agents grow by sharing innovative ideas. Before being named chief marketing officer at PersonalUmbrella.com, Daina was an independent agent, CSR and an underwriter for a Fortune 500 wholesaler. She is a licensed Nevada agent and holds a CISR designation. More from Daina Kawchack Smith, Chief Marketing Officer, PersonalUmbrella.com
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