Bentonville, AR, October 14, 2022 – Cribb Insurance Group Inc, a leading independent insurance agency based in Bentonville, AR, is excited to announce that they have added a new coverage option for landlords: Landlord Insurance. This new addition will provide landlords with the protection they need against loss or damage to their properties.
Landlords are often faced with the dilemma of whether or not they should invest in insurance for their rental properties. The decision can be complicated by factors like location and number of tenants, as well as how much it would cost to repair damages caused by natural disasters or other unexpected events. But with this new coverage option from Cribb Insurance Group Inc, landlords can rest easy knowing that their rental property is protected from all types of damage.
What is landlord insurance?
Landlord insurance is a type of insurance that protects landlords against the financial loss they may experience as a result of damage to or loss of rental property. The type of coverage that’s right for you will depend on the specifics of your property and situation.
How does landlord insurance work?
The coverage includes the building structure and its contents, as well as liability issues that arise from the use of the building.
The policy also protects against theft or vandalism, flooding, fire, water backup or overflow due to burst pipes, and sewer stoppage due to blockages.
It also covers legal expenses in case an accident happens on your rental property which leads to a lawsuit being filed against you by someone else who was injured while staying at your place and was harmed by their negligence when they were under your care.
What is covered by landlord insurance?
A landlord insurance policy will cover damage to the building and its contents and liability issues.
- Building and contents – Landlord insurance covers rebuilding costs if a pipe burst or fire destroys your property. It also covers any damage due to water leakage or electrical problems that trigger fires, such as faulty wiring.
- Liability – This part of the policy covers injuries on your property by guests or tenants and claims for damages made by guests or tenants. For example, if someone got into an accident while walking down your stairs and then sues you for negligence, this coverage pays for your legal defense costs and any money awarded in court (up to the limit).
How to select the right coverage?
When you’re ready to purchase landlord insurance, it helps to know what exactly you need. Here are some questions that can help you determine how much coverage and what kind of deductible you should choose:
How much coverage do I need? How do I figure out how much property damage repairs will cost if my rental property is damaged by fire or some other disaster?
What type of property do I own? Is there anything unique about the structure? For example, does it have a swimming pool on the premises? If so, make sure that your policy covers any special types of hazards associated with those features.
Which tenants live under my roof? Are they responsible for paying their rent on time every month or have they been late before? If so, then it may be wise to buy additional liability protection from a landlord insurance policy in case anything happens while they’re living in your home, in addition to having their own renter’s insurance policy or making sure that yours covers them.
Is getting landlord insurance worth it?
Not having landlord insurance can be expensive. You may think that since you haven’t had a tenant file a claim against you, and there hasn’t been any damage to the property, then it’s pointless to get insurance. But if something goes wrong in the future and it’s only a matter of time before something does, then this could end up costing you more than just paying for tenant protection insurance in the first place.
“We know that landlords are busy people with a lot on their plates, so we wanted to make it as easy as possible for them to get this coverage in place,” said Jason Cribb, owner of Cribb Insurance Group Inc. “We want landlords to know that they have options when it comes to protecting their investment and we’re here if they need us.”
Why Choose Cribb Insurance Group Inc.
Unlike a captive or direct insurance company that only offers its proprietary products, Cribb Insurance Group Inc is 100% independent of other companies. Many insurance consumers don’t fully understand just how important that is. When it comes to something as important as insurance, you must work with an agency that has an in-depth knowledge of multiple insurance policies, and guidelines, not just one.