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Rental Property Insurance in Alabama

Rental Property InsuranceAs a property owner or landlord, you understand the importance of protecting your investment. That’s why Dormon & Reynolds Insurance offers comprehensive insurance solutions tailored to the needs of property owners and rental properties. Our team of experienced professionals can help you determine the right coverage options for your properties, so you can have peace of mind and focus on what you do best.

Business Owner’s Policy (BOP)

A Business Owner’s Policy (BOP) is a comprehensive insurance package designed specifically for small and medium-sized businesses. This policy combines general liability and property insurance coverage into one convenient package, providing protection for a range of risks commonly faced by property owners and landlords.
BOP policies typically include coverage for:

  • Property damage
  • Bodily injury
  • Business interruption/Loss of Rents

Common optional coverage:

  • Equipment Breakdown Coverage
  • Water Backup of Sewers or Drains
  • Service Line Coverage

At Dormon & Reynolds Insurance, we understand that each property owner and landlord is unique. That’s why we offer customizable BOP policies to fit your specific needs.

Commercial Umbrella Policy

A Commercial Umbrella policy provides additional liability coverage on top of your existing insurance policies. This policy is designed to protect your properties from catastrophic losses that could threaten your financial stability.

In general, a Commercial Umbrella policy can provide coverage over:

  • General Liability
  • Auto Liability
  • Employer’s Liability

At Dormon & Reynolds Insurance, we recommend that property owners and landlords consider a Commercial Umbrella policy to protect their properties from potentially devastating lawsuits.

Policies You May Need

  • BOP: a packaged policy that covers liability and property
  • TPP: a tailored protection policy that can cover liability, property, or both
  • Landlord Insurance: Provides coverage for landlord-specific risks, such as loss of rental income and damage caused by tenants.
  • Flood Insurance: Provides coverage for damage caused by flooding, which is not typically covered by standard property insurance policies.
  • Sewer Backup Coverage: Provides coverage for damage caused by sewer backups, which can cause significant damage to rental properties.
  • Cyber Insurance: Anytime you are keeping any customer information you consider Cyber Insurance. This provides coverage for scenarios when your customer’s information becomes compromised (electronically or on paper).

Policies You May Not Need

  • Earthquake Insurance: If you’re not located in an earthquake-prone area, you may not need this coverage.
  • Workers’ Compensation Insurance: If you do not have any employees, you may not need this coverage.
  • Commercial Auto Insurance: If you do not own or operate any vehicles for business purposes, you may not need this coverage.

Helpful Tips

  • Conduct regular property inspections to identify potential hazards and address maintenance issues.
  • Screen tenants carefully to minimize the risk of damage to your properties.
  • Consider requiring tenants to carry renters insurance to protect their personal property and liability.
  • Keep a log of maintenance done to your property (roof, HVAC, wiring, plumbing and the year the work was completed)
  • Have licensed contractors do any maintenance on the structure.
  • Use a property management company for many locations.
  • Work with an experienced insurance agent who understands the unique needs of property owners and landlords.

Contact Dormon & Reynolds Insurance

Protect your rental properties with the right insurance coverage. Contact Dormon & Reynolds Insurance today to learn more about our comprehensive insurance solutions for property owners and landlords in Alabama.