Landlord Liability Insurance - Get The Protection You Need

For those who own real estate and rent it out you are certainly mindful that there's a whole lot to be familiar with and take into consideration in this sort of business. You have to maintain the property well as well as diligently choose the tenants who'll reside there.

Everyone has heard the horror stories concerning terrible tenants that throw huge parties or are incredibly irresponsible and cause thousands of dollars of damage to the property or home.

Most of us take note of these kinds of stories with a little bit of repugnance plus some sympathy for the property manager, but how about if the tables are turned?

Let's say the landlord doesn't maintain the home and property, leading to the existence of hazards which harm the tenant's property or injures him or her personally?

If the landlord is at fault when an accident occurs on the premises due to unmaintained or otherwise dangerous property, the person who is injured or whose property is damaged can sue the landlord for personal injury damages, putting him in a terrible position. Landlord liability insurance is expressly designed to cover you for this type of lawsuit.

When purchasing a landlord liability insurance policy you need to understand what exactly it is that you need. Do your research on the subject. Learn about the types of policies that are available. Talk to your insurance agent or public liability insurance broker to get details about how to determine to what limit your insurance should cover.

Once you know basically what you are looking for, shop around and look for the best deal on your insurance costs, and find out if there are other value added features that make one company's policy more attractive than some others.

Having insurance is only in case of some unexpected and unforeseen accident. As a landlord, you need to be sure you can feel confident knowing that your property is in good hands, but also that it is well maintained by you.

Be sure to do regular checks to the property to ensure that there are no potential hazards or risk areas that you should take care of. Also, if your tenant mentions a problem, be sure to act right away so that he will not be injured and will not be able to sue you for negligence, or personal injury compensation in the case.

The regrettable facts are that if you're a property manager for an extended time frame, you'll probably end up being sued eventually. Although you may think you keep up the property properly, you can't avoid each and every kind of accident, and you will still be judged against in some instances.

Because of this , it really is very important to possess a superb landlord liability insurance policy to pay for any kind of contingencies. Needless to say you would like your tenants to be and feel safe, yet you should also feel safe yourself, understanding that in case an issue should come up, you will be protected and will not be forced to pay excessively high bodily injury claims with your own money.






 

Commercial Insurance News:

 

Insurer not obligated to provide cover in phony policy scheme - Business Insurance

Business Insurance

Insurer not obligated to provide cover in phony policy scheme
Business Insurance
Evanston Insurance Co. is not obligated to provide professional liability coverage to an insurance agency, one of whose employees sold phony insurance policies and then absconded with the premium payments, says a federal appeals court, in affirming a .

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Ohio convicts three for workers compensation fraud - Business Insurance

Business Insurance

Ohio convicts three for workers compensation fraud
Business Insurance
In addition, Hudson, Ohio-based Amanda Joy Klapp was found to be operating her business, Amanda Joy Cleaning Co. L.L.C., without workers comp coverage and must pay $14,000 in restitution to the bureau; and Columbus-based Robert Settlemoir was found to .

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Montana lawmakers study options for workers comp system - Business Insurance

Business Insurance

Montana lawmakers study options for workers comp system
Business Insurance
I think that is going to drive a lot of future discussion about what to do with the structure of Montana State Fund,EUR¯ said Mr. Hubbard in an interview with Business Insurance. Lawmakers are also discussing how these options will affect workers comp .

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Rep. Theis: Time to resign from insurance committee post - Crain's Detroit Business (blog)

Crain's Detroit Business (blog)

Rep. Theis: Time to resign from insurance committee post
Crain's Detroit Business (blog)
It's time for new thinking on how to improve Michigan's auto no-fault insurance system. It would also be nice to have new people with new ideas. I think it's also time that you resign your post as chair of the House Insurance Committee, based on your .

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Fire cleanup crews ordered to stop work over alleged comp violations - Business Insurance

Business Insurance

Fire cleanup crews ordered to stop work over alleged comp violations
Business Insurance
Five contractors working to help clean up a fire disaster area in California's Ventura County were ordered to stop work after investigators alleged multiple workers compensation violations, the county's district attorney announced. As part of a sweep .

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Property insurance rates expected to rise: Willis Towers Watson - Business Insurance

Business Insurance

Property insurance rates expected to rise: Willis Towers Watson
Business Insurance
Property market rate increases in the low single digits for non-catastrophe exposed risks and low double digits for cat-exposed programs should continue into 2018, according to a Willis Towers Watson P.L.C. report released Wednesday. The brokerage's .

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OneBeacon unit wins dispute over coverage for sunken tug boat - Business Insurance

Business Insurance

OneBeacon unit wins dispute over coverage for sunken tug boat
Business Insurance
A federal appellate court has overturned a lower court ruling and ruled in favor of a OneBeacon Insurance Group unit in a dispute with a protection and indemnity insurer over insurance coverage for a sunken tug boat. Three tugs EUR” the M/V Miss Dorothy .

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Congress urged to adopt national data breach standard - Business Insurance

Business Insurance

Congress urged to adopt national data breach standard
Business Insurance
Congress should adopt a national data security standard to eliminate the patchwork of state laws and requirements that businesses must currently comply with and ensure that consumers are promptly notified that a cyber breach affects them, according to .

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McQuiston: Working At Home? Get Home Business Insurance - Los Alamos Daily Post

McQuiston: Working At Home? Get Home Business Insurance
Los Alamos Daily Post
Business owners policy. A business owners policy, known in the industry as a BOP, covers business personal property and inventory, general business liability and limited off-premises business property. It will compensate you for loss of income for up .

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