Massachusetts is a highly populated state in New England. It is home to thousands of students from around the globe. Cities like Lawrence, Somerville, Boston, and Cambridge have over 65% of rental properties. For landlords in MA, it makes sense to invest in a landlord insurance policy to protect themselves from various liabilities.
Insurance has been infamous for cryptic language and fine print that are misunderstood or overlooked at the time of purchase. However, when it’s time to claim your insurance, these codes may become suddenly clear and unfavorable to you. Therefore, the landlord needs to be clear about what they are getting into when they sign up for landlord insurance in MA.
Ensure that these features are part of the policy to be assured that there is no ambiguity later.
Covers Residential and Commercial Property
Rental property is not limited to houses and apartments. You can also rent out a commercial space. Therefore, the landlord insurance that you purchase should cover both types of properties. For you, regardless of the use of the property, it’s business as usual, and you need protection against any adversities that arise from letting it out.
Covers Attached and Detached Fixtures
Ensure that the insurance policy covers the primary building and any fixtures on the property. These can include garages, sheds, and even fences. Including these will help you cover the expense of any repairs these fixtures need.
Covers against Personal Property Protection
This means that any damage to your property due to fire, theft, or accident is covered. While it does not include the tenants’ personal property, it does cover things like light fixtures and similar accessories in the property’s common areas. Remember, the policy will not cover natural disasters, while Massachusetts is vulnerable to nor’easters, tropical storms, and hurricanes. Hence, you will need a separate plan for that.
Covers Loss of Income
When property damage requires tenants to vacate while repairs are carried out, you will lose the rental income. If you include the loss of income clause, the policy will compensate you for repairs and income loss. This is usually added as an additional clause in the policy.
Covers Commercial General Liability
Here, any damage to property or personal injury on your property is covered by the landlord insurance MA. Property damage could be damage to the tenant’s car or accidents that cause bodily injury.
Covers Directors Liability
The directors of your company need protection against claims by stockholders, clients, and employees. This is covered by the director’s liability clause, which protects them from damage.
Covers Equipment
In an industrial setting, an equipment cover can be highly beneficial. Since the equipment is prone to breakdown, the repair and replacement costs can be covered in the insurance policy. It can include items like telephones and light fixtures, machinery, and office equipment.
Covers Commercial Umbrella
For a large-scale commercial property, you can’t have enough insurance. Therefore, purchasing an additional commercial umbrella will do more good than harm. It gives you further protection so that your expenses are covered when you need them.
Covers Multi-Unit Dwellings under One Policy
Some policies cover only a limited number of units. This is the fine print discussed earlier. Make sure that the number of units is clearly indicated and that all are covered.
Covers Multiple Properties under One Policy
Life becomes easier when you have to remember only one policy number for all your properties. Therefore, this feature is highly desired. Also, it will ensure uniform coverage across properties.
Renting out properties is easy, and managing their insurance should be more accessible. You can get landlord insurance in MA that offers terms that meet your requirements and give comprehensive coverage. Make sure the above clauses are covered.
