Being a landlord in Oklahoma City, OK means dealing with many different types of insurance policies to protect yourself and your tenants. However, many landlords overlook the importance of umbrella insurance. While anyone may benefit from umbrella insurance, landlords stand to benefit the most from umbrella insurance. If you are a landlord and are not sure why you need umbrella insurance, Vance Insurance Group, LLC will share with you instances when a policy can save you financially.
Tenants suing landlord is common
Being a landlord comes with its fair share of challenges. Dealing with difficult tenants is one major challenge, as it all can lead to expensive lawsuits. A tenant can sue you for many things, including:
- A child who is playing in your compound trips, falls, and gets injured
- A tenant slips and falls on the stairs in your rental property
- A tenant who thinks you lied to them or told lies about them
- If you wrote something untrue or discriminatory
Sometimes landlords are sued for discrimination. Sometimes things can get bad where you are arrested falsely, detained, or imprisoned. Whatever reason, having personal umbrella insurance can help finance any lawsuit thrown your way.
How else can a landlord benefit from umbrella insurance?
Lawsuits reign in Oklahoma City, OK and across the US. Umbrella insurance does not stop at your rental property because it is a personal policy. That means that umbrella insurance can be used in almost every aspect of your life where lawsuits could be imminent. For instance, if a guest is injured in your home and sues you for injuries, umbrella insurance can come in and fix the legal fees.
Are you looking to buy umbrella insurance soon? Vance Insurance Group, LLC is here to help. Feel free to contact us or visit our office for more information, queries, quotes, or new policy discussions.