Landlord gets sued for a dog bite. For dog bite lessons please see “Why you should require your tenants to purchase renters insurance.” Landlord gets ticked at the lawsuit and the prospect of his insurance rates go up, squeezing his cash flow. Consequently, landlords decides to do a little investigative work. Simply because he believes the kid’s parents wanted him to fake the injury, and so the pain and suffering stuff would be hogwash. So, he has the kid followed, and gets sued.
Under what? Invasion of privacy. Question is, is that covered under your policy? The answer is that it depends. There are some companies that will offer personal injury coverage and there are others that don’t. On landlord policies the answer is probably not. Wait, what’s Personal injury? Personal injury is a broad term that covers several things. Most of them mental injury that we could cause to others. For example, defamation, libel, slander, false arrest or imprisonment, malicious prosecution, or invasion of privacy. Now you would never do anything like those types of things, right? Have you ever spoken negatively about a tenant? Have you ever bent the rules on your rights of a home inspection? Have you ever driven by just to see “what’s going on?” You get my point. It’s a fine line, and your tenant views you has the “rich landlord,” and there are plenty willing to take advantage of an opportunity. Not to defame any of your tenants, but you have probably had a tenant like that.
So, what can you do. Well, first off be aware, you might be just driving by, but the tenant might see that as a stifling landlord, or a weirdo, or you name it. Second, be sure you are covered. Not all insurance policies are the same. Do you have the coverage you need? Many landlord insurance policies specifically exclude personal injury liability, and I have yet to see a policy that automatically included an endorsement or “rider” that adds it automatically. In fact, it may simply not be available, in which case you would need to have a different risk management plan. Such as, stick to the lease in terms of inspections, don’t have your tenants followed, etc. That said, the question remains, what kind of coverage do you have? Take away? Contact your agent about personal injury coverage.
If you turn the TV on for 2 seconds you will hear all about you can bundle and save on insurance, and that is a great way to save. For investors this can also be true. Imagine having multiple investment properties on one insurance policy, with one renewal date, one payment. We have several options that can make this a reality.
The first is called the 10+ program. If you have more than 10 properties, we can put all your properties on one commercial policy that makes life easy. This program can include single family homes, apartment units with up to 6 dwellings, condos and manufactured home policies all in one place. You can even have a vacant home or two if they plan to be filled.
The second is a program that can have as few as 1 unit, but as many as you have. This program is a little different than the 10+, and is a great option for investors that are flipping houses on a regular basis.
These programs allow us to save you money and get you great coverage, but almost as important it allows you to simplify your insurance. It’s these programs that allow us to become more than your insurance agent, but a member of your team.
Have questions about your current coverage? Contact us or request a quote on our website.
AUTO INSURANCE MEDICAL PAYMENTS
Medical payments is a simple coverage that is often over looked. Medical payments pays for the reasonable medical expense and funeral services of any “insured” while they are occupying a vehicle, as a pedestrian OR any other person while occupying your insured vehicle.
It is often overlooked as many people say they have health insurance and therefore is a redundant coverage. To that we say, there is a certain logic to that, BUT there are several reasons medical payments makes a lot of sense.
REASONS MEDICAL PAYMENTS MAKES SENSE
- While you might have great healthcare, who is getting in your car, and what kind of coverage do they have? Remember medical payments covers anyone occupying your vehicle, so if you car pool or often have non-familial passengers in your car Medical Payments can be extremely important. What if they don’t have health insurance? Medical payments might be the only coverage they have in the event of an accident.
- When you are in an accident and the other guy is at-fault, his liability policy will be what kicks in to pay for your medical bills, but what if you are at fault. The only thing to help you with your medical bills may be Medical Payments on your policy.
- What is your deductible on your health insurance policy? As healthcare costs have increased many people have increased their deductible and now have HSA plans with $5,000 deductible or higher. Is your heath savings account full funded? If not, medical payments on your auto policy may become a very important “bridge” that can help cover the cost of your health insurance deductible.
So to those that say its redundant we say, maybe think twice. Medical Payments coverage is a very cheap, coverage that can become very important in the event of an accident.
Have questions about your current coverage? Contact our agency. We are here to help you & ensure you have the proper insurance coverage.