Duplex Rental Property Insurance Virginia Policy Information
Duplex Rental Property Insurance Virginia. As the landlord of a multi-family dwelling, you have a lot of responsibilities on your hands.
Duplexes and doubles are residential structures built to provide living accommodations for two separate individuals or families through a rental agreement called a lease.
Duplexes and doubles have often been converted from other original occupancies, particularly larger homes that have been remodeled into two units. The dwelling premises may include outbuildings, such as a storage shed or garage.
In addition to marketing your property, managing employees, conducting background checks on tenants, and issuing and collecting rent payments, you must make sure that you are meeting the needs of your tenants by providing them with safe accommodations.
That includes addressing any issues that may arise, such as plumbing or roofing problems, as well as any other property damage. If any issues do occur, as a duplex landlord, you are responsible for taking care of them. How can you protect yourself from any unforeseen problems? By investing in the right type of insurance coverage.
Why do doubles landlords need duplex rental property insurance Virginia coverage? What type of insurance should they carry? Below, you'll find the answers to these questions and more.
Duplex rental property insurance Virginia protects landlords and commercial real estate owners from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do Duplex Rental Properties Need Insurance?
As a landlord, you - not your tenants - are liable for any issues that arise in your rental units. That means that if an appliance malfunctions, someone slips and falls on your property, your duplex is damaged in a fire or a flood, a burglar ransacks, robs, and damages your tenants unit, you are responsible for the related costs.
Imagine the costs that are associated with repairs, medical bills, and any lawsuits that you may be hit with? Duplex landlords are responsible for such costs, and they could potentially lead to financial ruin. That's why having the right type of VA landlord insurance in place is so important; with the right type of insurance coverage, if something goes awry, your insurer - not you - will cover the related costs.
For instance, if a delivery driver were to slip and fall while making a delivery to one of your tenants, suffer an injury, and file a lawsuit against you, the landlord, your insurance company would help to pay for your legal defense fees and any settlement fees that a court may require you to pay out to the plaintiff.
In other words, having the right duplex rental property insurance Virginia coverage can help to protect you from serious financial losses.
In addition to the financial protection that landlord insurance provides, having the right type of coverage ensures that you are compliant with the VA law. Regardless of where your duplex is located, landlords of these properties are legally required to be insured.
If you aren't insured, even if no natural disasters, accidents, or human actions occur on your property that result in damage to your duplex or a third-party injury or property damage, you could be looking at stiff fines. There's even a chance that you could end up having your ability to rent out your property revoked.
What Type Of Insurance Do Duplex Rental Property Landlords Need?
Doubles landlords will need to carry a duplex rental property insurance Virginia policy. These policies are available in a variety of shapes and sizes and they can be customized to meet your individual needs. Before you start shopping around for a policy, it's important to consider how you need to protect your rental property.
Speaking with an experienced agent who specializes in this type of insurance is highly recommended, as an agent will be able to help you determine exactly what type of protections should be included in your duplex rental property insurance Virginia policy, as well as how much coverage you should carry.
Here's a look at some of the coverages that a robust duplex landlord insurance policy will provide:
- Commercial Property: In the event that your duplex is damaged by an act of nature, a fire, a gas leak, theft, vandalism, or negligent tenants, this part of your policy would help to cover any of the necessary repairs or replacement costs.v
- General Liability: This part of a landlord insurance policy protects you from third-party liability lawsuits, including property damage and physical injuries. For instance, if a delivery driver were to slip and fall on your property while dropping off a package and file a lawsuit against you for the injuries they sustained, this part of your policy would help to pay for legal defense and settlement fees.
- Lost Rental Income: If your property were to become uninhabitable for any reason - a severe pest infestation or a mold outbreak, for example - this part of a landlord insurance policy would reimburse you for loss of rental income that you would have otherwise received from your tenants until your duplex is habitable again.
These policies are just a few examples of the type of duplex rental property insurance Virginia you'll need to carry as the owner and operator of an VA duplex.
VA Duplex Rental Properties' Risks & Exposures
Premises liability exposure is limited due to the low number of tenants in each dwelling unit. All dwelling units should meet all life safety codes and be in compliance with codes on smoke and fire detection, fire extinguishers, and carbon monoxide detectors.
Lead exposure, particularly on windowsills, must be considered if the building was constructed prior to 1980.
To prevent slips, trips, or falls, the dwelling must be well maintained with floor covering in good condition. The number of exits must be sufficient and well marked, with backup lighting in case of power failure.
Steps should have handrails, be well lighted, marked, and in good repair. Sidewalks and driveways should be free from defects and cleared of ice and snow in inclement weather. The landlord must provide a secure dwelling to tenants.
Locks should be changed when a new tenant moves into a unit. There should be a maintenance activity log to document the owner's response to tenants' needs. Personal injury losses may occur due to alleged wrongful eviction, invasion of privacy, or discrimination. Clear guidelines for tenant acceptability are important.
Workers compensation exposures are normally service, janitorial, or maintenance-related. Back pain, hernias, sprains, and strains from lifting and working from awkward positions are common. Skin and lung irritation can result from working with cleaning chemicals and paint.
Interaction with tenants can be difficult. Employees should be trained in dealing with difficult situations. Animals owned by tenants can bite or kick workers.
Property exposures are light. Ignition sources are from the electrical wiring, heating, air conditioning, and cooking systems. If the duplex or double was converted from a prior occupancy, it should meet current residential building codes.
There should be hard-wired smoke/fire alarms in each unit. Items provided by the building owner, such as kitchen or laundry appliances, may be stolen by tenants or outsiders.
Crime exposure is generally limited to employee dishonesty. Background checks should be conducted on all employees. Money and securities exposure may be a concern, particularly if there are multiple units and payment is in cash.
Payments by mail and by check are the preferred methods for collecting rents. Monetary transactions must be controlled through the use of receipts and regular monitoring. Deposits must be made on a regular basis, with appropriate security provided during collections.
Inland marine exposure may include accounts receivables for rents due, computers, and valuable papers and records for lease, mortgage, and tenant information. There may be contractors' equipment for maintenance, repairs, and lawn care. Duplicates of all data should be kept off premises for easy replication following a loss.
Business auto exposure is generally limited to hired and non-owned for employees running errands. If there are owned vehicles, such as those used to service units, any driver should have a valid driver's license and acceptable MVR. Vehicles must be maintained and records kept in a central location.
Duplex Rental Property Insurance - The Bottom Line
To see what kind of duplex rental property insurance Virginia coverage you'll need to fully protect your property, speak with a knowledgeable broker who specializes in commercial property insurance.
Virginia Economic Data & Small Business Insurance Information
If you're planning on starting a business, a lot of planning and factors need to be taken into consideration. Of course, having a great business model and offering valuable products and services are all keys to your success; however, there's something else that you need to take into consideration: where you're going to set up shop.
In order to reap the success that you hope for, you need to choose a location that offers favorable conditions for your specific business. If you operation isn't located in a location that can benefit from what you plan on offering, you aren't going to achieve the success that you desire.
For entrepreneurs who are thinking about Virginia as a location for their headquarters or a branch of their company, it's important to familiarize yourself with the economic trends in the commonwealth. It's also essential that you have a keen understanding in regard to the type of insurance coverage you'll need to carry to protect yourself, your clients, and your employees.
Business Economic Trends In Virginia
In regard to job growth, VA exceeds the rate of national job growth. As of February 2020, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2020.
The Commonwealth of Virginia has seen a dramatic upswing in economic growth in recent years. As of late 2020, the unemployment rate had fallen to a record low of just 2.9 percent; a significant difference compared to the national unemployment rate, which was 3.7 percent. In a one-year period, nearly 65,000 jobs were added. In 2019, the unemployment rate and economic growth of the state continues to be positive, and it expected to remain in the green well into 2020 and the future.
In regard to areas that offer the most favorable conditions for business owners, there are several. Metropolitan areas, including northern (Arlington, Fairfax, etc...), central (Richmond, Ashland, Lynchburg, etc...), and southern (Chesapeake, Newport News, Hampton, Norfolk, etc...) all afford great opportunities for entrepreneurs. However, virtually any location in the Commonwealth of Virginia can be considered favorable for business owners.
Industries that offer great promise in Virginia include:
- Education and training
- Information technology
- Travel and tourism
Commercial Insurance Regulations & Limits In VA
The Virginia Bureau of Insurance regulates insurance in Virginia. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 2 or more employees are required by VA state law to have workers comp insurance coverage.
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
Additional Resources For Commercial Property Insurance
Read up on small business commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.
- Apartment Building
- Business Interruption
- Commercial Flood Insurance
- Commercial Property
- Condo Association
- Contractors Equipment
- Duplex Rental Property
- Electronic Data Processing Equipment
- Equipment Breakdown Protection Insurance
- Homeowners Association Insurance
- Inland Marine
- Jewelers Block
- Manufacturing And Mercantile Rental Property
- Mobile Home Park
- Non-Residential Building Operators
- Office Buildings
- Safeco Landlord Insurance
- Shopping Center & Strip Mall
- Vacant Land
- Vacant Property
Rental property owners, real estate developers and property managers should keep an accurate survey of each property they own or that is in their care. This survey should include inventories of furnishings and equipment at those properties. These documents establish the extent of their insurable interest, facilitate the arrangement and placement of insurance and minimize controversy and confusion if a loss occurs.
Insurance coverage on property, general liability and professional or errors and omissions liability should be arranged and placed for every real estate and rental property risk.
The main goal of any commercial property insurance program is to protect the insured's real and business personal property. Buildings and their contents property usually represents a significant portion of its total assets, regardless of the size of the business. A commercial property program can provide the coverage you need if a loss should occur.
The ISO Commercial Property Building and Personal Property Coverage Form is an insurance industry standard that provides this needed coverage. As a result, it should always be reviewed and used as a benchmark for comparison when evaluating any commercial property coverage form.
This policy treats business personal property as more than just the contents of a building. When there is a limit of insurance on the declarations, property can be covered if inside the building or structure or within 100 feet of the building or premises and either in the open, or even in or on a vehicle.
There are many endorsements available to tailor the ISO Commercial Property Coverage Forms. Some are mandatory for all policies while others are mandatory for specific classifications and types of business. Others are optional and permit a standard form to be customized to meet a specific risk's coverage needs. Endorsements broaden, restrict, delete, modify, or add coverage.
These policies can provide the following additional coverages for small specific limits of insurance: debris removal, preservation of property, fire department service charge, pollutant clean up and removal, increased cost of construction and electronic data.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Signs, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Contractors' Equipment, Fine Arts, Cyber Liability, Employment-related Practices, Automobile Liability and Physical Damage, and Stop Gap Liability.
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Also find Virginia insurance agents & brokers and learn about Virginia small business insurance requirements for general liability, business property, commercial auto & workers compensation including VA business insurance costs. Call us (703) 747-9779.