So, you’ve done the hard part and purchased a rental property. You’ve bought deadbolts, security devices, smoke detectors and fire extinguishers to keep your tenants safe. You’ve also created the perfect lease to outline the terms and conditions of what you expect from your tenants. If you haven’t talked to your American Modern® insurance agent about the right insurance coverage for your rental property, you could face some sleepless nights worrying about what could possibly go wrong.
Here are three likely perils that may haunt you this Halloween if you’re not properly covered.
1. Liability – Imagine a guest of your tenants twists his or her ankle doing the monster mash. Or an overserved Zombie takes a tumble down the stairs. Oh the doctor bills you may see! Perhaps a trick or treater takes a spill on their sugar-enhanced approach to your property’s porch. An angry parent will be the least of your worries if a lawsuit is looming. So how can you avoid the worry? Talk to your agent about your policy’s liability limits. A baseline policy may offer as little as $25,000 in liability coverage, but you and your agent may decide on higher limits, like $100,000 or $500,000 in liability coverage.
2. Fire – Halloween is prime time for open flames. Jack-O-Lanterns, bonfires, luminaries, even decorative lights can all cast a frightening light on an otherwise good time. And chances are, your tenants will be donning one or more of these scare tactics this Hallows Eve. Most rental policies do cover fire. But what if a windstorm picks up an ember and causes a brush fire that overtakes the home? Are you covered? If you’re not sure where your coverage starts and stops when it comes to fire, it’s probably a good idea to review coverage details with your agent. Then, set some ground rules with your tenants that will protect you both from the threat of fire.
3. Vandalism – Sure, you love your tenants. They’re tidy, they pay the rent on time, and they generally treat your home as if it were they’re own. What you don’t know is that the neighborhood kids are carrying a grudge. Waiting for the perfect time to pay them back for running out of candy last year. For Halloween, these teens hatch a brilliant idea to target your tenants and your rental property with a dozen eggs. As a result, the vinyl siding is discolored and ruined. An act of vandalism like this would be covered by an American Modern rental policy. Again, with Halloween coming up, now would be a great time to check with your agent and make sure the same is true for you.
American Modern knows all-too-well the potential perils that can lead to haunting disasters when it comes to Halloween. While you can’t prevent irresponsible people from doing irresponsible things, or completely devastating accidents from occurring, the least you can do is find out if you’re covered for nightmares like these and others that could be way worse. Reach out to your American Modern agent today to make sure you’re properly covered.
For information only. Not applicable to all situations. Coverage is subject to policy terms, conditions, limitations, exclusions, underwriting review, and approval, and may not be available for all risks or in all states. Rates and discounts vary, are determined by many factors and are subject to change.