There are many different kinds of landlords and sometimes it can be difficult to know when you’ve crossed the landlord threshold. If you’re just renting a room to your brewing buddy, does that make you a landlord? The typical answer is yes but you may not need a full blown landlord insurance policy. What if you’re renting out a condo near the Riverwalk? Milwaukee landlord insurance can keep your investment safe, and protect your bottom line if you ever face a lawsuit.
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Downtown Rental Statistics
- In 2010, 13,297 housing units were added to the downtown area.
- Since 2005, over 1,800 rentable units have been added.
- During the first quarter of 2012, City East’s rental submarket was at a 4.7% vacancy rate.
- Average rent was $1,052.
- City West had a 5.6% vacancy rate and rent was $691.
- May 2012 saw 507 apartment units under construction.
Obtaining Complete Coverage
There are two parts to a basic landlord insurance policy.
- Building coverage
- Liability coverage
Depending on the nature of your rental structure, building coverage will protect you against any damage that occurs. Renting out a house may require double checking whether the garage and guest house out back is covered as well. But, if you own a condo complex, developing the master policy will take more time. You need to understand what’s covered by the Milwaukee landlord insurance policy and what portion is the renters’ responsibility.
Liability coverage will protect you in case there are any accidents or injuries on your property. If you’re sued, it will also help cover legal fees and any settlements, protecting your personal assets. If you aren’t renting out a furnished unit, you will not need personal property protection but there are other forms of coverage that may be worth investigating.
- Loss of rent coverage: If you need to rebuild your house or make repairs and cannot rent out your unit, this policy provides replacement income.
- Umbrella insurance: This is extra liability protection. Policies start around $1 million and it’s cheaper to add even more coverage. If you have a significant amount of personal assets, this policy can be a life saver.
- Workers compensation: A landlord that rents out a single home may opt to take care of the grounds, but an entire apartment complex has many employees. This form of coverage provides for employees if they’re injured while working and helps prevent lawsuits.
- Business insurance: Rental properties range in size and number. Even a small staff can do a lot of damage if someone wants to steal from you. The right business insurance can protect your digital documents and provide coverage in case of fraud.
Affordable Milwaukee Landlord Insurance Quotes
Finding the right combination of policies is only the first step in securing complete coverage. You can go online and find multiple insurance quotes, but how do you really know when you’ve found a good price? Using online averages seems simple but many don’t include deductible amounts, coverage limits, or other aspects that are crucial to the right kind of policy.
A Trusted Choice® member agent can help you find a policy that fits within your budget by comparing various forms of Milwaukee landlord insurance quotes. Member agents work independently, using a variety of reliable sources, whereas a “captive agent” can only quote from a single source. If you need affordable Milwaukee landlord insurance, contact a Trusted Choice independent agent to get the information you need.