Beyond the Music: Exploring the Benefits of Landlord Insurance in Nashville, TN

Welcome to Music City, Nashville, Tennessee, where the vibrant melodies of country music resonate through the streets and the spirit of Southern charm envelops you. But this iconic city offers more than just catchy tunes and friendly faces. With a booming job market, affordable living costs, and delectable cuisine, Nashville has become a magnet for new residents seeking opportunity and a taste of the good life.

Property owners and landlords are reaping the benefits as the city welcomes a wave of newcomers. The demand for rental properties is soaring, creating an exciting opportunity for those in the real estate business.

For insurance agents, the surge of newcomers to Nashville is music to their ears. At Distinguished, we’ve recognized this opportunity and expanded our City Insurance program to Nashville. With tailored coverage and unmatched expertise, we can provide a comprehensive insurance solution designed to meet the needs of Nashville’s property owners.

What Is Landlord Insurance?

Our Landlord or City Landlord Insurance in Nashville program provides a Package policy with Property and General Liability coverage. This program is designed to support both small and large property owners who rent out their properties, ensuring peace of mind and protection in this thriving market. Our program is available in select cities in the U.S.

What Types of Properties Are Covered in Our Landlord Insurance Program?

Our Landlord Insurance program extends coverage to residential and mixed-use properties, including apartment buildings, condominiums, co-ops, and brownstones. We can also write properties with 50% residential/50% ground-floor mercantile. The property size is anywhere from two to 100 units and up to 20 stories. Construction type includes veneer, frame, joisted masonry, or better new construction, with wood frame also eligible in Nashville.

What Does Landlord Insurance Cover?

Our Landlord insurance package policy includes Property coverage on an all-risk basis, with the valuation of the property written on a replacement cost basis with an agreed-value amount. We also automatically include Ordinance or Law coverage (A, B, and C) in our Property form.

Additionally, our Landlord Insurance program covers backup of sewers and drains and equipment breakdown, protecting your clients against unexpected damages and costly repairs. And to provide comprehensive coverage in an unpredictable world, our program also includes Terrorism coverage.

The Liability portion of our package policy ensures your client is well-protected, with a substantial limit of $1 million per occurrence and $2 million aggregate.

We understand that every property and landlord is unique. That’s why our optional coverages allow you to customize your clients’ policies to suit their individual requirements. We offer a range of additional coverages, including Flood and Earthquake insurance, Hired and Non-Owned Auto coverage, Crime coverage, and Employee Benefits Liability.

For buildings with 2 to 4 units, owners living in one of their units may also purchase Personal Liability insurance, Personal Contents coverage, and Additional Living Expenses to help pay for the costs of a covered loss.

To provide even greater limits of liability coverage, our Umbrella policy is available to extend the protection provided by primary Liability policies.

How Does Landlord Insurance Help Nashville, TN, Property Owners?

Our Landlord Insurance includes features beneficial to property owners and landlords in Nashville.

  • No Age Restrictions: Unlike other insurers, we have no age restrictions on our policy as long as building systems have been updated in the last 25 years. With many of Nashville’s buildings boasting historical significance, this flexibility ensures that property owners can obtain the coverage they need without unnecessary limitations.
  • Wood Frame Structures Eligible: From older architectural gems to newer habitational builds, Nashville’s property landscape features a significant number of wood frame structures. Our Landlord Insurance program extends coverage to wood frame properties with 30 units or fewer.
  • Automatic Ordinance or Law Coverage: Following a loss, older buildings in Nashville will be required to meet current local codes and will incur additional costs to do so. In 2020, for example, Nashville’s mayor signed new legislation updating building codes and energy standards, including strengthening construction requirements for tornadoes. With our program’s inclusion of Ordinance or Law coverage, property owners can navigate these potential expenses with confidence, ensuring their investments remain compliant and protected.
  • Flood Insurance Available: Nashville’s proximity to rivers and its history of significant flooding events necessitate proactive measures. Our Landlord Insurance program offers the option to purchase Flood insurance, enabling property owners to mitigate the risks associated with Nashville’s moderate flood risk.

Unveiling the Power of Landlord Insurance Through Real-Life Scenarios

Landlord Insurance is not just a safety net; it is a powerful ally that comes to your aid when unexpected incidents occur. Let’s explore how Landlord Insurance has responded to real-life claims scenarios:

Fire Damage: A fire engulfed an apartment building in the Berry Hill neighborhood of Nashville, destroying 50% of the structure. The remaining 50% of the structure was condemned and deemed unfit for use by Davidson County. The property owner received the full building limit for the loss because her policy included Ordinance or Law Coverage A. The demolition cost for the undamaged portion of the building was also covered under Ordinance or Law Coverage B.

Water Damage: A tenant flushed a diaper down the toilet in his apartment unit and caused an overflow into an adjacent unit resulting in significant water damage to the floors. The inclusion of Backup of Sewers and Drains coverage in the Property form paid for the damage.

Bodily Injury: A 40-year-old man fell while walking downstairs at his apartment complex when the staircase collapsed. He initially thought he just sprained his ankle, but as time passed, he began to experience more pain and was eventually diagnosed with complex regional pain syndrome. This condition affects the nervous system and causes symptoms such as constant pain, stiffness, swelling, and muscle spasms. He eventually received extensive physical therapy and more than 100 nerve block injections to treat the pain. He sued the property owners, claiming they did not properly maintain their premises by allowing the staircase to deteriorate. The case went to trial, and the injured party was awarded $6 million, which included punitive damages. With an Umbrella policy in place and the appropriate limits, the property owner was insured for the damages.

Tap into Distinguished’s Expertise and Experience with Landlord Insurance

When it comes to safeguarding your Nashville rental properties, partnering with a trusted insurance provider is paramount. That’s where Distinguished steps in. We have more than 35 years of experience in insuring the real estate industry. Our sweet spot for Landlord or City Insurance is two to 15 units and $1 million to $5 million in property value.

Our program is supported by complementary risk management and loss control resources and solutions, as well as the financial strength of an AM Best A+ rated carrier. This rating speaks to our commitment to excellence and the assurance that, in times of need, our coverage remains steadfast and reliable.

A Few Clicks Away: Submitting Your Application

Sign up through our Broker’s Portal to get started with a quote. In as little as five minutes, you can provide the necessary information to initiate your insurance quote. Our dedicated underwriting team works diligently to review your application swiftly, aiming to provide a response within 24 to 48 hours.

If you run into any issues using the Portal, reach out to an underwriter or watch this broker tutorial video.

Take advantage of this golden opportunity to win more accounts and solidify your position as a trusted advisor in the industry.

About Distinguished Programs

Distinguished Programs is a leading national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Fine Art and Collectibles, Environmental and Construction Professional, Executive Lines, Inland Marine, Real Estate & Builder’s Risk, Community Associations, Hotels, and Restaurants. Property and Liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished’s high-limit Umbrella programs remain the clear choice in its area of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1995, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.

View a full list of our programs and submit business with Distinguished.

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