Renting out property is one of the best ways to build wealth today in America, but it can also be a risky proposition. Leaky pipes, accidental fires, or extreme weather can all represent potential threats to a landlord’s property and livelihood. This is where landlord insurance comes in. It is specialized coverage tailored to address the unique needs of rental property owners.
This article will serve as a comprehensive guide for insurance brokers who are looking to offer their Virginia clients landlord insurance — from coverage details to cost considerations and how Distinguished can help.
What are the top reasons clients need landlord insurance in Virginia?
Landlord insurance is essential for property owners in Virginia, as it provides comprehensive coverage against various risks associated with renting out residential or commercial properties.
Here are some of the main reasons why your clients will want landlord insurance:
- Property protection: Landlord insurance safeguards the property against damages caused by things like fire, vandalism, or natural disasters.
- Liability coverage: Landlords face potential liability issues, such as tenant injuries on the property or lawsuits related to property maintenance. Landlord insurance helps cover any legal expenses and settlement costs arising from such incidents.
- Loss of rental income: If a rental property becomes uninhabitable due to covered damage, landlords may experience a loss of rental income. Landlord insurance usually includes coverages for rental income loss, ensuring landlords continue to receive financial support during repairs or renovations.
What does Distinguished’s Landlord Insurance Cover?
To cover the unique needs of property owners in Virginia, Distinguished offers three specialized programs designed for the most common kinds of rental properties. These programs include:
- City Landlord Insurance: Designed for property owners with two to 100 units, including mixed-use properties, in designated cities.
- City Multi-Family Landlord Insurance: Ideal for small urban real estate, including mixed-use properties, with two to four units in designated cities. Owners of both owner- and tenant-occupied properties can benefit from this coverage.
- City Condominium Insurance: Tailored for property owners with two to 100 condo units, including mixed-use properties, in designated cities.
Each of these programs offers comprehensive property and general liability insurance, safeguarding buildings and units against common risks such as water damage, weather damage, and slip-and-fall liability suits.
In addition to these fundamental coverages, our programs also offer:
- Equipment Breakdown coverage: Protects against major system repairs like electrical, mechanical, or HVAC issues.
- Sewer and Drain Backup coverage: Ensures protection from water damage caused by backups
- Ordinance or Law coverage: Addresses repairs required to bring properties up to code in compliance with local regulations.
- Access to Sedgwick Repair Services: Helps your clients get access to qualified tradespeople should their units need repairs.
For clients seeking additional protection, Distinguished offers optional coverages such as:
- Flood insurance
- Earthquake insurance
- Hired and non-owned automobile coverage
- Crime insurance
- Employee liability benefits
- Umbrella coverage
How much does Landlord Insurance cost in Virginia?
The cost of landlord insurance can vary a lot depending on several factors such as property size, location, and total insurable value (TIV). However, Distinguished offers an online application process that allows brokers to quickly obtain quotes tailored to their client’s needs.
It’s important to note that in Virginia, we cannot provide personal lines coverage, including personal liability, household personal property, and additional living expense coverage.
What clients can be covered through Distinguished’s Landlord Insurance Programs?
Distinguished’s Landlord Insurance Programs cater to a wide range of clients in Virginia. Eligible properties include apartment buildings, condos, co-ops, brownstones, and mixed-use buildings. The construction should be joisted masonry or better, with no age limit on the building, subject to system upgrades.
Total insurable value can go up to $25 million, with property sizes ranging from 2 to 100 units (typically within 2 to 15 units). We insure properties valued between $1 million to $5 million.
Ground floor mercantile spaces are also covered, and frame construction is available for properties with up to 30 units in VA. Pools are permitted under our insurance programs.
If you’re unsure if your client qualifies, feel free to reach out to our local Virginia expert, Greg Somers, Business Development Manager at Distinguished Programs at: gsomers@distinguished.com
Why partner with Distinguished for Landlord Insurance in Virginia?
Partnering with Distinguished offers both you and your clients a range of advantages. These include:
- Expertise: Our team of experienced underwriters can ensure your clients get the coverages they need.
- Excellent customer service: Our dedicated support team is easy to contact and can quickly help you and your clients with claims or questions.
- Robust umbrella coverage: Our real estate umbrella policies offer comprehensive coverage and competitive premiums.
- No age restrictions on buildings: Many insurance companies don’t insure buildings older than a certain age. With Distinguished, any building that has passed an inspection (and has met our life safety requirements) can be insured.
- Sedgwick Repair Services: Your clients can access a pool of vetted and qualified tradespeople for any of their repair needs.
- Easy-to-complete application: Submit business and get a quote back quicker through our online portal.
Partner with Distinguished Today
To get your clients access to our landlord insurance programs, you’ll first need to register with us. Once you’ve successfully signed up, you’ll be free to submit business through our online portal.
If you have any questions about our landlord insurance offerings, please feel free to reach out to Greg Somers, Business Development Manager at Distinguished Programs at: gsomers@distinguished.com.
You can also look at some of the resources below to learn more about the specifics of the programs we offer:
- City Landlord Program Page
- City Multi-Family Landlord Program Page
- City Condominium Program Page
- Express Real Estate Umbrella Program Page
FAQs
Can I submit business with a paper application?
Most applications for landlord insurance programs should be submitted through our online portal. However, if you’re representing an account with seven or more locations, you can also submit a paper application.
Where is coverage available in Virginia?
We offer coverage in Richmond, Arlington, Alexandria, and throughout the Northern VA Metro area. Our services are also available in Washington, DC.
What about mixed-use buildings?
Yes! We cover mixed-use buildings too.
Got more questions? Reach out to one of our insurance experts, and we’ll be happy to help you right away.
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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