Investment Property Insurance Seattle, WA

I Am Moving, But Want To Keep My Current Home As An Investment Property

Investment Property Insurance Seattle, WAThe process of going from being a homeowner to a real estate investment/landlord is an exciting time. Not only are you working towards creating an extra revenue stream for your income, but you’re investing in what has historically been one of the best places – real estate!

When it comes to investing in real estate and being a landlord there is a lot to know and a lot to consider for liability purposes. In this article, we’ll discuss the ways to close the gaps with your insurance on your investment property.

Get a landlord insurance policy

Landlord insurance will insure your Dwelling/rental property as well as offer additional coverage for items stored at the property such as:

  • Additional buildings on premise such as sheds or garages
  • Equipment like tools, washing machines or other appliances used by tenant

In addition to property damage, landlords or rental property owners may also face legal ramifications for events that take place on the property they own. Having additional coverage for Legal Defense may help pay for legal fees from lawsuits like:

  • Libel or slander
  • Accidental Damage
  • Wrongful eviction

Get an umbrella policy, or consider increasing your liability limit on your umbrella policy

Being a landlord comes with an increased liability exposure. You can protect yourself with above and beyond insurance coverage in the form of an umbrella insurance policy to increase your liability limits that you purchase.

Think your liability limits are enough? Take this recent claim settlement:

A renter had notified the landlord that the boiler in the rental property was acting up and the landlord didn’t act quickly enough. Shortly after that call, a toddler severely scalded themselves and required months of painful skin grafts and therapy. The attorney settled with the landlord for the policy limits of $3 million.

Eliminate dangers around the property to limit your exposure

When you’d looking to eliminate liability exposures around a property, check some of these items:

  • Stair railings – check for loose or rotten railings inside and outside of the home
  • Trip hazards – walk the property and eliminate any large edges where someone could fall or trip
  • Swimming pools – if your property has a swimming pool, these pose major dangers to children. Be sure there is a fence with a self-closing gate that locks behind the person entering to stop curious neighborhood children or unattended children from entering the pool.

Owning investment property can be very rewarding, but do be aware of the additional risks there are. Fully eliminating your liability exposures is not ever a possibility, but mitigating your risk is. This is where we can help you come up with a comprehensive insurance package that protects you and your rental property. We would recommend scheduling a time to speak with one of our licensed agents to find you the right coverage and company for your rental property.

Best Insurance Agency Seattle, WA

National Insurance Awareness Day – June 28th

Best Insurance Agency Seattle, WAConsider Sunday, June 28th a day to think about your current insurance policy. While this can be a good time to do annually at your renewal, you may have been thinking about your policy again since COVID-19 hit.

Reach out to your agent.

We can do an in depth review of your current insurance policy based off of your current situation. We can look for any gaps in coverage and explain in detail your limits and what it means.

  • Other things to think of – have you done any home remodeling or have items in your house appreciated? If so, make sure to let us know so your policy is up to date.
  • Will you be making any big changes that may affect the amount of insurance coverage you need?
  • Are you considering other insurance policies?
  • Are you car or home shopping?

Are you a business owner?

Has your business made any changes with added or removed staff, services, products, etc.? Have you moved your business to an at-home business? If so, reach out to us regarding an endorsement so you are covered. Out agents can review your business insurance policy. There are many ways to ensure your business is covered whether it’s through a business owner’s insurance policy, workers comp, cyber liability, general liability and many more options.

Safety measures for your business

Let June 28th be a reminder of all the safety measures your staff should be practicing while at work. This is something your team should do at least once a year. Have can you lower your risk for an injury at work?

Insurance gives you a great sense of security. Whether it’s protecting your assets or your loved ones, let us help you ensure you have the best coverage.

Why working with an Independent Insurance agent matter

Independent Insurance Agents represent multiple top-rated insurance companies. This gives you more choice in coverage, pricing, payment options and discounts when shopping for all of your insurance needs. Not only do independent agents represent better choices, coverage and pricing, they are also a part of your local community which means they understand the unique risks, challenges and companies who have the best pricing in your area.

When you’re looking for insurance for your car, home, business or other product, know that picking an independent insurance agent is the right choice. You’ll get comparative quotes so you can decide which company fits your insurance needs best.

I Just Bought a New Car. What Insurance Coverage Do I Need?

man in new car

Congratulations! After weeks of research, comparing makes and models, and taking test drives you finally bought that brand-new car you wanted. But before you take that well-deserved road trip, check one more item off your list: the right car insurance.

While some auto coverage options are essential whatever the age of your car, new vehicles may carry some additional risks you should know about. So before leaving the lot, give us a quick call to discuss the possible coverage options: 

New vehicle replacement. Here’s how this coverage works: If you’re the original owner of a new car that is totaled or stolen within one year of purchase, you’ll be paid the full value of the car you lost or a comparable model. Without this policy, you may have to settle for something less than new. Please note that this coverage is included with certain Safeco auto policies.

Loan and lease coverage. Consider what could happen if you financed your new car and then it was totaled or stolen soon after buying it. Not only would you lose your new ride, you’d still be on the hook for your entire loan balance — which would be more than the car was worth. With loan and lease coverage, you’d get a check to cover the gap between what’s left on your loan and the depreciated value of your car.

Audio-visual and custom equipment coverage. If you’re an avid music fan who enjoys a custom sound system or DVD player, this coverage protects you for the full value of any A/V equipment not installed at the factory or dealership. It also covers such modifications as roll bars, certain custom engine parts, lift kits, special wheels, artwork, decals, and other personal touches.

OEM parts replacement. OEM (original equipment manufacturer) parts are often preferable to other aftermarket parts because they are made specifically for your make and model of vehicle. So if you want your Honda repaired with Honda parts, or your Mercedes to only have official Mercedes parts, this coverage is for you. When you buy this optional coverage, it’s added to your existing Comprehensive and Collision coverage so that all repairs or replacements made to your damaged car will include new OEM parts where available.

You invested in a new car. So be sure your investment extends to the right auto policy as well. To learn more protecting your new vehicle, give us a call today!

Reposted with permission from the original author, Safeco Insurance®.

Top image by Flickr user OakleyOriginals used under Creative Commons Attribution-Sharealike 2.0 license. Image cropped and modified from original.