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Will Blanket Insurance Cover My Investment Property?

If you have breathed over the last decade, you know the superhero genre has taken over the movie theaters. Whether you grew up reading D.C., Marvel, both or none, you can't escape the pop culture references and merchandising related to heroes like Superman, Wonder Woman, and Captain America.

Movie Producers know our collective appreciation for tales of superheroes is alive and well due to the money spent at the box office and the sale of merchandise. The formula is simple. Put your hero up a tree, throw rocks at him and watch him get down. It doesn't matter if your hero is wearing a red cape, golden lasso or green skin. He or she is going to protect those who can't protect themselves from powerful destructive forces and/or villains, and we love them for it.

Blanket Protection

For fans of this genre, what's better than watching a favorite hero fight injustice? The answer: A group of superheroes teaming up together to fight injustice. Yes, not only have movie producers figured out a way to keep fans coming back in the form of sequels involving their favorite superhero, they've created movies grouping many of these heroes together to make things more interesting. In these composite movies, the heroes usually face a destructive force and/or villian much more dangerous than that found in their individual movie. They must team up together in order to preserve peace and protection for those needing help.

Strength in Numbers

When you protect your property investment with an insurance policy, you do yourself a great service. As you gain more properties in your portfolio, you can continue covering each with their own individual policy. However, like the composite movies featuring several superheroes fighting the super-villain, sometimes it's better to group under one banner, say, The Avengers or Justice League. It's the same concept when it comes to grouping your super-protective policies under one banner, namely, in the form of blanket coverage.

What are the Benefits of Blanket Coverage?

An individual policy on your property is most likely not going to include comprehensive coverage, i.e., coverage protecting all risks.

By choosing a blanket coverage policy, you can protect multiple properties from all risks while also receiving the following benefits:

  • One purchased policy
  • Convenience
  • Extensive Coverage

Let's take a look at these a little more in detail.

One Policy

You may already have familiarity with blanket coverage without really thinking about it. Most home policies include a form of blanket coverage in the sense of protecting your home's structure and belongings. But, as your portfolio of investment properties grows more complex, the last thing you need is complexity regarding your policies. Whether you own a chain or restaurants or a collection of rental property, keeping track of each policy for several or more properties is not only time-consuming but can challenge your peace of mind. One policy with one payout amount covering all your properties is in effect, a super policy, a collection of protection ready to provide against all perils.

Convenience

Obtaining blanket coverage requires the purchase of one blanket policy. If you need to file a justifiable claim, your blanket policy covers all properties equally up to a certain single limit amount per property until the maximum amount of coverage is exhausted. One payment, one coverage, one maximum amount and one claim. This super policy, though providing coverage for each property, works in unison to cover the entire portfolio.

Extensive Coverage

In addition to usual named perils like fire, floods, theft and personal liability, additional coverage can include but is not limited to equipment, furnishings, inventory and the transport of those items between property location. As usual, each property investor's portfolio is different and needs separate evaluation related to insurance needs. Insurance For Texans is an independent insurance broker and can help determine what coverage you need for your investment property portfolio. We'll tell you about the ins and outs of blanket coverage and why it may be right for you.

As your investment portfolio grows, unfortunately, so does the liability and risk. A blanket coverage policy may prove worth the additional initial cost by providing a better protection plan and cost savings against what individual policies on each property would provide. Property investment is not for the faint of heart. It takes courage to look risk in the eye and move forward to climb that tree of opportunity despite a variety of perils. When risk rises up and throws rocks at you, we'll make certain you have a super-friend in the form of the right insurance policy to stand in the gap and help get you back on solid ground.

 

 

 

 

 

 

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