Umbrella Liability Insurance for Landlords

Do you have enough liability insurance? Probably not. But how much is enough? Unfortunately that question varies. First, what does liability insurance do? Liability insurance does two things: (1.) it pays for losses for which you become legally liable for as a result of a lawsuit and (2.) it pays to defend you in the event of a lawsuit.

So what can you become legally liable for? As a real estate investor you have some unique exposures. You have tenants, and, let’s face it, they probably don’t love you. Not because you’re a bad person, but because you represent a bill, and maybe a past due bill. You’re the proverbial “man” they are trying to stick it to. So you need to protect yourself, your assets, your business.

“It won’t happen to me.” Try this. Google how to sue your landlord and feast your eyes on the three million, yes, three million results.

The bottom-line is that if you get sued and are found liable you will be required to pay the judgment. How? That depends. If you have insurance, that would be first, then it goes to your assets, including cash, stocks, bonds, REAL ESTATE. Yes, you selling that investment property might do real well to pay off your judgment, and you’re out the asset and the cash flow. Beyond that, your wages from your J-O-B can be garnished. Liability is a serious thing.

Liability insurance isn’t expensive, it’s actually quite reasonable. So max out the limits on your policy, the marginal difference will be dollars. Then, consider an umbrella policy. An umbrella policy is a liability-only policy with some unique features which are pretty cool, but the important part is that it kicks in when you get sued for limits that are higher than a home insurance policy. For the limits you get, it is amazingly affordable. And if you have several investment properties you may have several million in real estate. Protect your investment(s) by making sure you have enough liability insurance!

Get covered today with an umbrella policy today! Start your quote immediately, but have what you need on hand!

Budget Friendly Insurance

How to save money on your insurance in Safford, AZ

How to save money on your insurance in Safford, AZBudget friendly insurance, that’s all we really want! No one wants to pay more than they have to for insurance, but the cheapest insurance isn’t always the best either. It’s a balance of getting the proper coverage at a price that fits into your family’s budget.  Here are three ways to ensure you have found this balance.

  1. The best way to ensure your budget isn’t getting hijacked by insurance is to shop it on occasion. Gila Insurance Group LLC is an Independent Agent, meaning we represent multiple companies and can shop the market for you. So if you feel that you your insurance is too much, if it blows up your budget, let us know, and we will see what we can find.
  2. Do you have the coverage that you need? It’s the story of Goldilocks. You want the right coverage, but not too much or too little. A great place to save is to look is at your limits of coverage. The companies help determine the value of the home, and actually limit what can and can’t be changed, but outside of the home value there is often leeway. For example, what’s your deductible. Low deductibles are great, but if you had a $1,000 loss, would you even report it to your insurance company? Or would you fix it yourself? If so, your deductible might be too low. It really is a conversation that you need to have in your family, at what point would we ask the insurance company to pay a claim? Ask yourself, how is it affecting my budget? Maybe it is time to talk again.
  3. Is there anything that makes you look like a worse risk to the insurance company? Increasing your credit score with lower insurance costs in many states (not all), not having exotic pets or vicious dogs, and many other factors. Eliminating these factors can decrease your insurance cost and better fit your budget.

Let us help your budget, we have markets we can shop, we will have the conversations to help you determine what coverage you need, and will help you understand those risk factors that are increasing your costs to help you keep budget friendly insurance for your Manufactured Home. Contact Gila Insurance Group for an insurance review or insurance quote. We are here to help!

The Different Types of Liability Covered Offered with RV Insurance

RV Insurance quote in Safford, AZThere are several different types of liability insurance coverage found on recreational vehicle insurance policies. Not only does the type of RV have an effect, but also how the recreational vehicle is used can make a difference in which liability coverage is offered.

For Motor home insurance policies, Bodily Injury Liability and Property Damage Liability coverage, like on an auto policy, will apply while the vehicle is in motion. However, these particular liability items will not be included on travel trailer, fifth wheel travel trailer, pop-up camper, or even slide-in camper insurance policies, since all these types of recreational vehicles are considered to be towed units and cannot actually be moved without a separate vehicle to tow them.

Motor home insurance policies will have some coverage available that is commonly included in traditional auto insurance policies. However, they often have some coverage items that one might expect to see included in a homeowners’ policy. This is because Recreational Vehicles are used for two distinct purposes. Some of the time recreational vehicles are used to travel from one point to another and other times they are used as a seasonal vacation residence, or for some, as a primary residence.

For most typical RV owners, those who use their RVs less than 30 days out of the year, Vacation Liability is usually offered with varying limits of coverage. This particular coverage works much like homeowners premise liability coverage does, offering protection should the insured be found responsible for either bodily injury to others and/or property damage to others, while the RV is not in motion and being used as a vacation residence.

Full Timers Liability is available for those RV owners who use their RV more than 150 days out of the year. This can apply to both Stationary Full Timers as well as Full Timers who are traveling. Full Timers Liability works pretty much like Vacation Liability, but will typically offer higher limits of coverage. Full Timers Liability is also a great fit for those people who use their RVs as their primary residence.

When shopping for RV insurance or Travel Trailer insurance, be sure to choose a carrier that specializes in recreational vehicle insurance. Many make the mistake of purchasing auto insurance policies for their recreational vehicles, which can provide the necessary coverage needed to drive the unit, but most often are missing important coverage that are needed while the unit is being used as a residence.

For more information about specialized Motor home insurance and Travel Trailer contact the RV Insurance Professionals at Gila Insurance Group LLC at 877-784-6787 or request a quote on our website.

This coverage explanation is for illustration purposes only and is general in nature. Coverage explained here may not apply to your policy, State, company, or situation. For more information about how your policy would respond in the event of a loss, please refer to the terms and conditions and declarations page of your policy.