Landlords are exposed to substantial potential risks, for they could have property destroyed or be named in liability lawsuits. Landlord insurance policies help protect Massachusetts landlords from many of the risks they're exposed to.
Landlord insurance is a highly specialized form of property insurance that’s uniquely designed to meet the risk mitigation needs of people who lease out buildings. Policies usually are written as package policies that offer multiple protections, and the protections can frequently be adjusted to suit particular situations.
Most buildings that are legally leased to tenants can be insured with a landlord policy. There are policies for:
Most people and businesses in Massachusetts who lease out one of the aforementioned types of buildings to tenants should have a landlord policy in place. Not having a policy in place may leave a landlord dangerously and unnecessarily exposed to risk.
Sometimes, landlords are required by the terms of a loan agreement to carry insurance. Lenders frequently make certain insurance coverages compulsory so that the lender’s interest in a building is protected. Even in these situations, however, it’s often wise to get more than the minimum-required coverage.
The coverages included in landlord policies are primarily focused on protecting landlords, since they’re the policyholder. These policies generally don’t offer protections for tenants. Instead, tenants normally need to purchase their own renters insurance policy if they want protection for their personal belongings and/or against potential liability lawsuits.
Since landlords often adjust and customize landlord policies, the coverages included in these policies can vary. Nonetheless, there are several coverages that many policies make available as either standard or optional protections:
There are still more coverages that landlords may need or want. For help finding the right combination on protections for their situation, landlords should talk with an insurance agent who specializes in this form of insurance. A specialized agent will understand the risks landlords face and be able to make informed recommendations.
Premiums for landlord policies vary just as much (or perhaps more than) included coverages do. How much a specific policy costs depends on the building being insured, coverages chosen and many other factors.
Even given the variance among policy premiums, though, landlord policies tend to be quite affordable. They’re almost certainly less expensive than facing a major claim without adequate protection in place.
An independent agent, who’s free to request quotes from multiple insurers, can help landlords check exactly how much coverage for their property would cost. Comparing several quotes side-by-side makes it easy to quickly see how much different companies would charge.
For help finding landlord insurance, contact the independent insurance agents at Dempsey Insurance. Our team has worked with many individual and corporate landlords in Massachusetts, and we have the expertise necessary to help you find the right policy that’ll offer robust coverage at an affordable rate.
This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.
HOW WE ARE PAID FOR OUR SERVICES
Our insurance agency is committed to dealing fairly with complete integrity and transparency with consumers, other insurance producers and others with whom we work in providing insurance products and services. To that end, we provide this disclosure regarding our sources of compensation from insurance companies or other parties.
Our agency may receive compensation in the form of commissions paid by an insurance company, calculated as a percentage of premiums, pursuant to an arrangement with the insurance company. These commissions are for the service we perform in placing and servicing insurance policies on the insurance company’s behalf.
Our agency may also be eligible to receive other forms of compensation such as incentive or contingency payments or bonuses and/or supplemental commissions from insurance companies. These may be based on our aggregate historical or current performance with respect to a line of business or customer segment and not specifically related to any particular policy or policyholder.
Other insurance producers who perform service in placing and servicing insurance through our agency may receive compensation from our agency in the form of service fees as determined by our agency’s arrangement with such producer.
Our agency may hold premium or return premium funds temporarily, in which case our agency may receive interest or investment income on such funds.
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