Investment Property Insurance Opelousas, LA

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

Investment Property Insurance Opelousas, LAThe 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 Opelousas, LA

National Insurance Awareness Day – June 28th

Best Insurance Agency Opelousas, LAConsider 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.

Liability Insurance Opelousas, LA

What Should I Know About Dog Bite Insurance Claims?

Liability Insurance Opelousas, LAAccording to the Insurance Information Institute, homeowner insures paid over $796.8 million as a result of 17,802 dog bite claims in 2019. We would like to briefly go over what happens if your dog were to bite someone and of course, how to prevent a dog bite claim.

What Would Happen If My Dog Bit Someone?

Homeowners’ or renter’s insurance policy includes liability coverage which will likely cover you for the damages. Keep in mind, some insurance carriers do not offer liability coverage for specific dog breeds. They also may offer some, but limit the amount of coverage available. Talk to your agent about what breeds may not be covered. If you are not covered, you would have to pay out of pocket for the damages caused by your dog. If your insurance provides coverage it is likely your insurance premium will increase at renewal or you could even be dropped from your insurance carrier.

How to Lower Your Risk for a Dog Bite Claim

Don’t ever assume your dog won’t bite someone.

You can have the sweetest dog on the planet, but you still can’t make the assumption that your dog won’t bite. Watching your dog’s behavior around strangers or even family and friends is crucial. Never leave your dog alone with children who might cause the dog to nip if harassed or injured.

If you adopt a pet, do your research

What should you know about your breed’s common behavior? Ask several questions with the adoption agency. Have they noticed specific behaviors you should be aware of? Understanding what triggers your dog’s aggression or what makes them uncomfortable can save you from a dog bite claim down the road.

Know The Signs Your Dog May Be Uncomfortable, Anxious or Aggressive

Dog bites are common in these scenarios. Dogs may react to such things as taking away their food or a toy or even touching them while eating.

  1. Aggressive
  • Stiff tail, intense stare, growling, hair up on back.
  1. Uncomfortable/anxious
  • Pulled back ears, tucked tail, no eye contact, lowered head or body

Get some training

Whether you are a dog owner or someone who doesn’t own a dog, being around a dog with good behavior is ideal. Obedience training can benefit any dog.

Socialize Your Dog

When your dog is around other dogs and people, it can help them work through any anxieties they may feel.

Be Extra Aware Around Children

This goes back to our number one answer, don’t assume your dog will never bite. If your dog is around children they aren’t familiar with, watch for signs of your dog being uncomfortable.

Get Your Pet Spayed or Neutered

This can help with a dog’s aggression.

Being a dog owner can bring so much happiness into your life. Use these tips to worry less about your dog biting a loved one or a stranger. For questions about your home or renters insurance policy and what coverages are available for dogs, contact us! We can go over your current policy or even find you a different insurance carrier who may be a more ideal fit for pet ownership.