Landlord Insurance Los Angeles – Same Day Quotes & Coverage.
Need better options on Landlord Insurance in Los Angeles or the surrounding areas of Southern California? If so call Ishtar Insurance at 818-728-1246.
We offer Los Angeles Landlord Insurance for single-family residential units and apartment buildings.
If you reach our office after hours click on Landlord Insurance Los Angeles to send us your request for quotes.
What Coverage Is Best When Shopping for Los Angeles Landlord Insurance?
There are a number of different options real estate investors can choose from to insure their properties.
There are individual policies for rental properties as long as they consist of 4 units or less in most cases.
If you own apartment buildings with greater than 4 units a commercial policy will be necessary.
Additionally you have three different policy forms to choose from for individual and commercial policies:
The best policy form is the Special Form. The Special Policy Form covers all claim events except for those excluded in the insuring agreement.
The Broad and Basic Form are limited in their scope of coverage and only claim events that are named in the policy are covered. This policy is frequently known as a Named Perils Policy.
Picking the Wrong Coverage Form Can Lead to Dire Financial Circumstances.
Claims Example: Becky Johnson is a full-time real estate investor owning 37 single-family residential units in the LA area. Becky is very cautious with expenses and is shocked to receive a 27% rate increase on her Los Angeles commercial landlord insurance policy when it comes up for renewal.
She calls other companies to receive quotes on her properties and decides to convert her commercial policy into 37 individual policies based on the recommendation of a new agent who just started her own agency…
On the surface this new agent’s recommendation did result in a significant savings for Becky compared to her commercial policy, naturally Becky was thrilled. A few weeks later all 37 of her individual landlord policies have been mailed and properly filed away.
Exactly 11 weeks later to the day that she signed with the new company one of her tenants called to report a burst pipe on the second floor of her property on Main Street.
Becky call Ricky Henderson a local plumber to investigate.
Ricky shuts off the water to prevent further damage and calls Becky to let her know that she should immediately file a claim with her insurance company. Becky does so and Ricky agrees to meet with the claims adjuster the next day.
The claims adjustor meets with Ricky and lets him know there may be a coverage issue based on the landlord form Becky is insured with.
The claims adjustor quickly writes up his report and also contacts Becky to advise that the Basic Policy Form she purchased doesn’t cover burst pipes and the subsequent water damage.
Ricky gives Becky an estimate that will cost about $3,000 to fix the pluming issue, but another $15,000 to repair the damages, none of which was covered by insurance.
Becky saved $2,117 by switching from the Special Policy Form to the Basic Policy Form and subsequently needed to pay over $18,000 out of pocket for the denied insurance claim!
Becky learned later that her previous policy would have paid the claim in full after her $1,000 deductible!
Becky should have taken more time to read her coverage to understand what was covered or not covered by her policy.
Landlord Insurance Los Angeles – It’s Complicated.
As a real estate investor it’s never a good idea to base your purchasing decision exclusively on the price that you pay as we clearly see in the example above.
Call Ishtar Insurance today and we will help you develop a comprehensive insurance solution based on your individual needs.
Call 818-728-1246 or send your request for information about our commercial insurance program for real estate investors in Los Angeles by clicking on: Los Angeles Landlord Insurance.
Commercial insurance for landlords is also available in the following communities:
- Pasadena Landlord Insurance
- Landlord Insurance Long Beach
- Landlord Insurance Anaheim
- Landlord Insurance Inglewood
- Landlord Insurance Torrance California