Rental properties are lucrative assets, but they also come with significant risks. Whether you are just dipping your toe in the water with your first rental house or you own multiple duplexes and townhomes, you need insurance that stands up to the unique challenges you face as a property owner and landlord. With habitational insurance from Anton Insurance, you can minimize your risk of financial loss related to the ownership and upkeep of your properties.
We can help you obtain habitational insurance for a wide range of properties, some of which include:
- Student housing
- Single-family rental properties
- And more
Do you know what types of hazards could create a liability? Would you have the money to rebuild your rental unit after a fire or manage a loss of income due to property damages? There are endless ways you could experience loss as a landlord and property owner. From lawsuits that result in legal fees and judgments to clean up and construction costs after a catastrophic event, our goal at Anton Insurance is to protect you against the types of losses that might otherwise spell financial disaster.
Habitational Insurance Coverage
When you purchase Wisconsin habitational insurance from Anton Insurance, you get personalized service and individualized coverage recommendations based on your unique risks. Your coverage may include a wide range of protections, including coverage for:
General Liability (GL)
This type of coverage is important for any business owner, including rental property owners and landlords. GL insurance helps cover the cost of hiring legal assistance and paying for court fees if you are sued for a third-party’s injuries or property damages. If you lose your defense, it can also cover the cost of any judgments against you for victim losses up to the limits of your policy. If a tenant sues you when her pet falls through a broken balcony guardrail, for example, general liability insurance may help cover your financial responsibility for the loss of that pet. Choose the highest general liability limits you can reasonably afford, as you may be personally responsible for paying any excess damages beyond the limits of your coverage.
Investment properties cost money to purchase and maintain. Without your property, you have no rental income. Property insurance helps cover the cost of cleaning up, repairing, or rebuilding your rental property after a covered event. Although the types of covered perils may vary depending on your policy language, habitational insurance often includes coverage for damages caused by:
- And more
Certain types of events, such as floods and earthquakes, are usually excluded from property insurance coverage, although it may be possible to purchase stand-alone coverage or an endorsement for these types of events.
Equipment Breakdown Coverage
Unlike your personal home, you cannot easily put off equipment repairs for your rental properties when tenants are living there. If the heating unit in your duplex fails in the middle of winter, for example, equipment breakdown coverage may help cover imminent repair or replacement.
Loss of Income
If your rental property is too badly damaged to host your tenants safely, you could face a sudden and unexpected loss of income. With the right insurance coverage, you can continue paying the expenses related to the upkeep and ownership of your property until your tenants can safely call it home again.
Law and Ordinance Coverage
Rental properties are often treated like business entities. If your local municipality, county, or state government passes a law or ordinance that requires you to make structural changes to your property, the costs can add up quickly. Law and ordinance coverage can help you cover the cost of mandatory modifications, helping you to minimize your out of pocket losses.
Workers Compensation Insurance
If you own several rental properties, there is a chance you may also employ part-time or full-time workers. If so, you may be required to purchase workers compensation insurance to help cover employees (not contractors) against injuries that happen on the job, regardless of fault. This coverage not only pays for employee medical bills and lost wages, but it can also help protect you against lawsuits related to a workplace injury.
Cyber Liability Insurance
Many landlords are using cloud-based data storage solutions to keep up with tenant accounts, credit card numbers for automated payments, and background check information. If this sensitive information is leaked during a data breach, however, you could be responsible for the damages. Cyber liability insurance helps cover your financial responsibility after a data breach, from fines and penalties to the cost of notifying previous tenants and paying for credit monitoring.
Sometimes the high limits on your general liability insurance just aren’t enough to cover the cost of a lawsuit. Umbrella insurance offers excess liability protection when you exhaust the limits of your primary coverage. Since umbrella policies can offer millions of dollars in excess coverage for a minimal cost, it could be an affordable way to protect the continuity of your rental property business and safeguard it against financial ruin.
Wisconsin Habitational Insurance Quotes
If you own rental properties in Columbus, Wisconsin, or the surrounding areas, or if you are considering purchasing your first investment property in the near future, we want to help you protect your assets. Contact our office to find out more about Wisconsin habitational insurance and to request your free quote. We look forward to serving you soon.