Boston is best known for being home to the Red Sox and the Boston Marathon. It is one of America’s most historic and iconic cities. As more people move to Boston for its vibrant and diverse coastal atmosphere, property owners and landlords need to protect their rental properties. In this article, we will discuss how Distinguished can help customize a landlord insurance policy to meet your client’s specific needs. We will also explore the importance of umbrella insurance and the liability risk of renting out property in Boston, MA.
We Insure Older Buildings
Our City Landlord Program in Boston has no building age limits. As long as the building has undergone system upgrades in the last 25 years, we’re good to go. This includes upgrades to wiring and electrical, plumbing, and HVAC.
We can also entertain wood frame buildings for condominiums.
Our Property Coverage Includes Ordinance or Law Insurance
When it comes to insuring older structures such as brownstones, the need for Ordinance or Law coverage becomes even more apparent. You may have property damage to the building that necessitates replacing the undamaged portion of the building, as it has been made unusable or condemned by ordinance or law. There are the costs associated with demolition and cleanup. If the structure is older and has been damaged by fire or other covered loss, the landlord may be required to meet current requirements. There will be increased costs to update the property to comply with these requirements.
We provide the limits to help cover these costs. Our City Landlord program includes Ordinance or Law insurance, which includes coverage for the loss to the undamaged portion of the structure as well as additional limits for demolition costs and increased construction costs.
Backup of Sewers & Drains Included
Main sewer lines deteriorate, crack, collapse, or become obstructed over time. The main sewer line is owned and maintained by the landlord or property owner, including any part of the line that extends into the street or public right of way. Our Property form automatically includes Backup of Sewers & Drains coverage.
Equipment Breakdown Insurance to Cover Power Surges and More
Building equipment is frequently subjected to unique risks, such as power surges, electrical short circuits, and mechanical forces. If the equipment fails, the costs to the property owner/landlord can be significant. There is the cost of replacing the system (or repairing it if possible), the possibility of additional expenses to limit the loss or hasten restoration, and the loss of business income. As part of our program, Distinguished provides Equipment Breakdown insurance up to a limit of $25,000.
In addition, consider adding Earthquake and Flood insurance, which are risks excluded from Property insurance. We can add these coverages following the underwriting review.
Liability Insurance for Today’s Litigious Landscape
The Liability portion of our package policy ensures landlords are well protected in the event of a slip and fall or other liability claim, with a substantial limit of $1 million per occurrence and $2 million aggregate.
You can also provide Umbrella insurance with the underlying package. Our Express Real Estate Umbrella program offers limits from $1 million to $10 million.
Employee Benefits Liability coverage is also available to protect landlords against potential errors or omissions in the benefit plans they offer to their employees. Let’s say a landlord or property owner hires a new manager and offers medical coverage as part of the compensation package. The property owner fails to enroll the new employee in the company-sponsored health plan, which becomes apparent when it’s time to use the plan. Employee Benefits Liability insurance will cover the benefits as if the employee were enrolled in the plan.
Tap into the Boston Insurance Market with Distinguished
Simply 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 and 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.
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, Real Estate, Community Associations, Executive Lines, Inland Marine, 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 Programs’ high-limit umbrella programs remain the clear choice in its areas of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1987, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.