Real estate investment carries risks like any other investment, so having proper insurance coverage is crucial. There are several major insurance companies that offer policies tailored specifically for real estate investors, providing protection for rental properties, REITs, new construction projects and more. In this article, we will explore the top insurance providers for real estate investors, the key coverage options available, and tips for choosing the right policies to safeguard your real estate assets.
Nationwide offers comprehensive policies for rental properties and landlords
Nationwide is one of the largest insurance companies in the US and a top choice for real estate investors. They provide tailored policies that bundle property insurance, liability insurance, and loss of rents coverage into one package. Key highlights of Nationwide’s landlord insurance include: – Coverage for property damage from 16 common perils like fire, theft, and vandalism. – Liability protection up to $300,000 that covers bodily injuries, property damage, and lawsuits from tenants. – Loss of rents coverage up to $25,000 if your rental property becomes uninhabitable. Nationwide also offers add-ons like identity theft protection and coverage for equipment breakdowns. Their unique coverage and personalized approach make them a great option for real estate investors with rental properties.
Travelers provides specialized REIT and builders risk insurance
Travelers is another leading insurance provider trusted by real estate investors and REITs. They offer a REIT Property Plus policy that combines property damage coverage, general liability, and coverage for loss of income due to property damage. Key features include: – Blanket limits up to $150 million and customizable coverage. – Extended replacement cost coverage to rebuild properties. – Green building upgrades and terrorism coverage add-ons available. For investors undertaking new construction projects, Travelers’ Builders Risk Insurance is an excellent choice. It protects against losses during the building phase covering materials, equipment, supplies, and loss of income. With their strong financial backing and real estate expertise, Travelers is a top choice for REITs and large-scale developments.
Allstate provides flexible landlord insurance options
Allstate is a trusted national insurer that offers quality coverage for real estate investors. Their Landlords Package Policy bundles property damage coverage with liability insurance starting at just $16 per month. Key features include: – Coverage for perils like fire, lightning, windstorm, hail, and smoke damage. – Liability limits up to $100,000. – Easy add-ons like identity theft protection available. Allstate also lets landlords buy building and contents coverage separately. This flexibility makes it easy to customize coverage. Allstate’s long history in property insurance and local agent support also appeal to real estate investors.
Farmers provides enhanced coverage for vacant properties
Farmers Insurance offers specialized landlord insurance policies that provide enhanced coverage options for vacant rental properties. This addresses a key risk for real estate investors – damages and losses that occur when a property is unoccupied. Some highlights of Farmers’ policies include: – Coverage for vandalism and theft even when the property is vacant. – Extended replacement cost coverage up to 125% of dwelling value. – Liability coverage for property damages and injuries. – Loss of rents reimbursement up to $25,000. By providing robust coverage for vacant properties, Farmers fills an important gap for landlords and real estate investors. With their long history and customized approach, they are a great choice.
Getting the right insurance coverage is key to protecting real estate investments from unexpected losses. Companies like Nationwide, Travelers, Allstate and Farmers provide policies tailored specifically for the needs of landlords, REITs, and other real estate investors. Consider getting landlord insurance, REIT property insurance, builders risk policies or coverage for vacant properties. Work with an agent to evaluate your risks and customize the best insurance protection.