Cheap Landlord Insurance Philadelphia – Call 215-646-5633
For the Best Landlord Insurance Quotes in Philadelphia Call 215-646-5633.
If you buy cheap landlord insurance in Philadelphia is that a wise decision?
It could be a good decision, or perhaps it might turn out to be the worst insurance decision you will ever make!
Please allow me to explain.
Isn’t it true that sometimes we get what we pay for?
Especially is that true for Landlord Insurance.
What Mistake Might You Make Purchasing Philadelphia Landlord Insurance?
In a previous article we discussed the three different coverage options for landlord insurance in Philadelphia. You have the basic, broad, and special policy form.
Each policy form provides an elevated level of coverage. The basic policy form provides a minimal amount of coverage and the special policy form provides the most comprehensive protection for landlord insurance in Philadelphia.
One Landlord Made This Mistake and It Cost Him $10,000 out of Pocket!
One particular investor named William needed to cut his expenses so he decided to purchase the basic landlord policy. The basic Philadelphia landlord insurance policy only provides coverage for six or eight different claim events.
One day William receives a telephone call from one of his tenants that a pipe had broken in his apartment and water was freely flowing throughout the tenant’s unit.
William contacted his maintenance man and he arrived at the apartment building and promptly shut the water off.
The next day William learned that it was going to cost around $10,000 to repair the damages so he contacted the insurance company to file a claim.
The adjuster met William the next day and gave him the bad news. A burst pipe is not covered under his basic landlord policy.
The $10,000 estimated repair cost would need to be paid completely out-of-pocket by William!
William bought the wrong policy form and he learned the hard way the importance of purchasing the right coverage.
Avoid Cheap Philadelphia Landlord Insurance!
Don’t you agree that it’s more important to invest a little more now versus needing to pay a significant amount of money out-of-pocket later?
That’s why it’s a mistake to purchase cheap landlord insurance in Philadelphia.
Purchasing cheap landlord insurance might cost you tens of thousands of dollars later!
Work with the Experts on Landlord Insurance in Philadelphia!
Humphries Insurance specializes in working with rental property owners to develop effective coverage to meet your needs in the event the unexpected strikes!
No matter if you own single-family rental units or a large apartment building complex we can help.
Call us today at 215-646-5633.