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Asset Protection & Insurance: Is Your Carnegie Rental Covered?

Filling Out Insurance Paperwork with a Model House in the ForefrontIt’s no secret that Carnegie landlords demand substantial insurance to preserve their real estate investments. Meanwhile, there are many different insurance products, each with unique coverages and limits. This can make figuring out which insurance you need quite difficult. Among the options available are landlord or investor insurance, landlord liability insurance, umbrella insurance, and flood insurance, to name a few. 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 one of the most crucial types of insurance that owners of rental properties require. Landlord or investment property insurance protects investment property, as opposed to homeowner’s insurance. This insurance usually includes exterior components like sheds or fences in addition to the rental home. Landlord insurance won’t cover your tenant or their personal property, which is why the vast bulk of Carnegie property managers demand their tenants to purchase renter’s insurance and sometimes tenant liability insurance. 

Landlord Liability Insurance 

Landlord liability insurance is another essential type of coverage you should be aware of. Although landlord liability insurance is distinct from investment property insurance, it is commonly included in policies. This is due to the fact that this type of insurance covers losses associated with damage, theft, or vandalism caused by tenants or their guests, as well as liability in the event of injury. The purpose of landlord liability insurance is to safeguard both the financial aspects of your investment and your rental property. 

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 in the event that you are sued for damages that go beyond the scope of your other insurance coverage. Moreover, the insured is typically protected by these policies from losses in rent, harm from others, such as tenants, and damages to the property. 

Flood Insurance 

It is worth noting that even an umbrella policy normally does not cover flood-related losses to rental property. 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. Even though lots of Carnegie property owners assume they do not require flood insurance because their property is not located in a “high-risk” area, the truth is that floods can and do emerge wherever, and they commonly strike without warning. Floods regularly damage and demolish homes, whether they are caused by a burst pipe or an unusually large amount of rain. 

With multiple sorts of insurance available, it’s vital to carefully consider how much your coverage amounts to so that you ensure you aren’t paying for insurance you don’t need and that the insurance you do have offers the right level of protection. However, establishing whether you have the proper insurance coverage can be difficult if you do not have industry experts on your team. Real Property Management Keystone can assist you in choosing the appropriate insurance coverage to safeguard your valuable assets and financial stability. To learn more, contact us online or call us at 412-385-2300.      

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