Our management agreement, like those of reputable property management companies, mandates landlords to obtain specialized insurance tailored for rental properties. This insurance is crucial for shielding against liabilities that may arise during a tenant's occupancy. Standard homeowner's insurance typically doesn't cover such situations, leaving landlords vulnerable to denied claims and potential financial losses if the property is damaged while rented out.
Securing landlord insurance ensures coverage for scenarios like property damage, tenant injuries, or neighbor disputes due to incidents like dog bites. We advise landlords to acquire a minimum of $1 million in liability coverage, though personalized recommendations from insurance agents are encouraged.
Furthermore, it's essential to name the property management company as an additional insured party. This not only protects landlords from potential claim denials due to management involvement but also shields the management company from liability concerns.
In addition to landlord insurance, we enforce a requirement for tenants to maintain renter's insurance, covering their personal belongings. This provision, specified in our leases, absolves both the landlord and management company from responsibility for tenant belongings, further mitigating potential disputes and liabilities related to property damage or theft.
For landlords interested in our management services, please reach out via our website or phone for further assistance.
