Habitational Insurance
Whether you are venturing into real estate rentals for the first time or have been a long-time landlord, insuring your properties is an important part of protecting your investment. A lot can go wrong with rental properties, from apartment building fires to liabilities for injuries and other losses. Habitational insurance can help you safeguard your single and multi-family income and property assets by minimizing your financial vulnerability to risk.
At Burstad Insurance, we help habitational property owners find coverage for many different types of rentals, some of which include:
- Apartments
- Single-family residences
- Duplexes and four-plexes
- Dorms
- And more
Calculating Risk
Insurance is designed to mitigate your risks from many different angles. It should provide broad coverage not only for the value of your property but also for your personal liabilities and cash flow. In a way, it combines the risks of homeownership with those of owning a business, creating a distinct circumstance that requires equally unique coverage. An independent agent can help you consider the extensive list of hazards that could threaten your landlord business, from tornadoes and vandalism to equipment failure and loss of income. While you work hard to build a rental income, maintain your properties, and create a safe space for your tenants and their visitors, your policy should be working in the background to protect you against the chance that you might be sued or need to rebuild after a covered disaster.
Your Habitational Insurance Portfolio
When it comes to business-related risks, purchasing insurance is not cut-and-dry. At Burstad Insurance, we understand the challenges that face your rental business and take them seriously when making coverage recommendations. We aim to maximize the benefit you derive from your insurance while providing competitive pricing from reputable Wisconsin insurers. Depending on the number of properties you own, the scope of your business, and the risks you face, your habitational coverage may include protection for:
General Liability
General liability insurance covers a broad range of risks pertaining to rental property ownership. For example, it might help protect you against expensive litigation and financial liability when a tenant or their visitor is injured after falling through a broken balcony rail that was not properly repaired.
Workers Compensation
If you own multiple rental homes or a large apartment unit, you may have part-time or full-time employees that help maintain or manage the properties. If so, you may be required to purchase workers compensation insurance to cover employees for injuries sustained on the job. Workers comp generally covers medical bills and lost wages regardless of fault, and it can also help minimize the risk of an employee lawsuit.
Property Insurance
Your rental properties are your livelihood. When unexpected events result in them becoming uninhabitable, you cannot generate income. Property insurance is designed to help you recover from covered losses, whether a home succumbs to fire and smoke damage or a tree falls through the roof of your duplex units. Although certain events like floods are generally excluded, property insurance can help you rebuild or repair your property after a loss so you can begin leasing it again as soon as possible.
Loss of Income
You might lose rental income when one of your properties is damaged, but the ongoing costs of maintenance, taxes, utilities, and loan payments continue. Loss of income coverage helps pay for your ongoing expenses when your cash flow is interrupted due to a covered loss.
Law and Ordinance Coverage
When you own a rental property, you may be subject to certain codes and restrictions within your state, county, or municipality. When new laws and ordinances go into effect, achieving compliance can become costly and result in extensive losses for your rental business. Law and ordinance insurance can help cover the cost of bringing your property up to code.
Equipment Coverage
Breakdowns happen, whether it is an electrical failure or a broken air conditioning unit. This type of insurance helps cover certain types of equipment on your rental properties and cover their repair or replacement when it is necessary due to a covered event.
Cyber Liability
Chances are you obtained sensitive information about your tenants when they applied for a lease, perhaps even including their Social Security numbers and birth dates. If you store this information in digital files, it could be at risk of cyber theft in the event of a digital breach of data. Cyber liability insurance can help you pay for many related expenses, including legal fees and fines, as well as credit monitoring for victims of cybercriminals target your rental business.
Supplemental Liability Insurance
Umbrella insurance is extra liability protection that supplements your primary general liability coverage. It helps protect you when your legal fees and financial liabilities exceed the limits in your primary policy, leaving you with additional debts to cover. You can purchase millions of dollars of supplemental liability protection to help minimize your risk of lawsuit-related losses.
Wisconsin Habitational Insurance
If you are a landlord or planning to purchase your first rental property in the near future, Burstad Insurance can help you get the habitation insurance coverage you need. We can compare coverage options and insurance rates from multiple companies to help you find the coverage solutions that are right for you. Contact our office to speak with an independent agent and find out more about this important coverage. We look forward to serving you soon.
