Owning rental properties around Negaunee, MI, offers excellent investment returns, but there are significant risks a landlord must consider and understand. Insurance companies are there to help landlords navigate these risks and make the right decisions. Information on umbrella insurance will give you insight into how it can add extra protection offered by homeowners or landlord insurance policies.
Enhanced Liability Coverage
Umbrella insurance extends your liability coverage, offering added safety if a filed claim exceeds the limits of what is initially insured. For rental property owners, this is crucial as it covers potential high-cost liability claims. Suppose a tenant or visitor suffers a severe accident on the rented premises and files a lawsuit to cover their injuries and expenses. The costs can quickly surpass the liability limits of your landlord policy. Umbrella insurance ensures you are not left personally responsible for these excess costs, protecting your personal and business assets.
Coverage for Legal Expenses
Legal battles can be financially draining, even if you are not found liable. Umbrella insurance is there to cover unexpected legal fees associated with defending against lawsuits. This includes attorney fees, court costs, and settlement expenses. By providing this financial support, umbrella insurance helps you manage the potentially devastating costs of legal disputes related to your rental property.
Protection Against a Wide Range of Risks
Umbrella insurance can protect against claims of libel, slander, and false arrest, which are not typically covered by basic landlord insurance. This additional coverage is valuable for rental property owners facing various liability claims beyond physical injuries or property damage.
U.P. Insurance Agency Inc. Is There For You
U.P. Insurance Agency Inc. is here for you when you need insurance information. Our services are available at the Negaunee, MI locations and surrounding areas. Call today.
