If you own a rental property – no matter how big or small – you probably need habitational insurance. This coverage addresses the unique risk exposures of property managers, both habitational and business-related. At Billy Brown Insurance, we help Delafield area landlords find comprehensive coverage for their properties, income, and assets with insurance solutions from the state’s leading commercial carriers. We keep your interests front and center, always working to protect your bottom line.
Habitational Risks and Coverage Types
When you are in the business of homes, you are faced with the risks of both a homeowner and a business owner. You rely on the structure of your units to generate an income, and you are also responsible for providing your tenants, their guests, and other property visitors with a safe environment. All the while you are charged with generating income to pay your workers and protect the continuity of your business. What would happen if a fire destroyed an entire building in your apartment complex? Could you afford to defend your business and cover your financial responsibility if a tenant sues you for health-related complications due to black mold in one of your units? With habitational insurance, you can protect your business against the collective property, liability, and commercial risks associated with owning or operating duplexes, apartment buildings, and rental homes.
Your habitational insurance policy can include a wide range of coverages, some of which include:
Property and Signage
If a natural disaster, fire, or some other covered event destroys or damages your rental property, your insurance can help pay for clean-up and repairs. Your property coverage can include your rental units, signage, and other structures on your property. We typically recommend insuring your property for its full replacement value to minimize the risk of out-of-pocket losses due to a covered event. You may also be able to enhance your coverage with additional protections and endorsements, such as insurance for glass breaks, water damages, and more.
As a landlord, you can be held responsible for injuries and property damages that occur on your premises. We can help you find liability insurance that protects you against claims related to incidents occurring in your rental units, parking lots, swimming pools, office buildings, playgrounds, basketball courts, clubhouses, and more. We can also help you find cyber liability coverage to protect you against losses related to data breaches. Your coverage can help pay for your legal defense, as well as any judgments against you (up to the limits of your policy). Talk to your agent about an umbrella policy that can supplement your liability limits when your primary coverage falls short of your financial responsibility during a lawsuit.
Loss of Income
If your units become temporarily uninhabitable or your business is forced to shutter operations due to a covered event, loss of income coverage can help keep your lights on and your business running until you can resume normal operations.
If you are unable to collect rent due to a covered event, your accounts receivable insurance can help mitigate your losses. Whether a tenant refuses to pay or your records and habitational contracts are destroyed, this coverage can protect your cash flow and the financial security of your business.
Wisconsin Habitational Insurance Quote
If you own one or more rental properties in the greater Delafield area – even if you are just renting out a room in your house – contact Billy Brown Insurance to discuss your habitational insurance coverage options and request your free quote. We look forward to serving you soon.