Property owners who rent out one or more homes in Las Vegas, NV should seriously consider the advantages of purchasing an umbrella insurance policy for their rental properties. This type of policy can provide significant financial protection, potentially saving tens or even hundreds of thousands of dollars in the event of an unexpected incident.
What Does Umbrella Insurance Cover?
Umbrella insurance for rental properties offers additional coverage when your primary insurance policy cannot fully cover a claim. Most umbrella policies include coverage for bodily injury, property damage, personal injury claims, landlord liability, and legal expenses. Some policies may also cover legal costs related to certain types of defamation.
Coverage specifics depend on the policy you choose, your deductible, and other factors. It’s essential to carefully review the terms and conditions of your umbrella policy to understand what is and isn’t covered.
What Isn’t Covered by Umbrella Insurance?
Umbrella insurance does not cover certain types of damage or situations excluded by standard insurance policies. These exclusions typically include criminal acts, damage due to wear and tear, losses caused by war, nuclear radiation, or the transmission of disease. Additionally, umbrella insurance does not cover rental contract disputes or business activities, such as renting properties through a limited liability company (LLC).
Natural disasters like flash flooding, wildfires, and earthquakes are also generally excluded from umbrella insurance coverage. Given the prevalence of these events in Las Vegas, NV, property owners may want to consider purchasing separate coverage for these risks.
Contact Leo Insurance Group for Expert Guidance
At Leo Insurance Group, we understand that having the right insurance coverage can make the difference between a profitable rental venture and a significant financial loss. We specialize in helping property owners in Las Vegas, NV find the insurance policies that best suit their needs. Contact us today to learn more about our individual policies or policy bundles.
