How To Protect Yourself With Landlord Liability Insurance

If you own property and rent it out you are no doubt aware that there is a lot to know and think about in this type of business. You need to maintain the property well and carefully select the renters who will live there.

We have all heard stories about bad renters who throw massive parties or are extremely negligent and cause thousands of dollars of damage to the property. We listen to such stories with a bit of disgust and some sympathy for the landlord, but what about when the tables are turned? What if the landlord does not maintain the property, causing the presence of hazards which damage the tenant’s property or injures their person?

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, putting him in a terrible position. Landlord liability insurance is expressly 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 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, and find out if there are other value added features that make one company’s policy more attractive than another’s.

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 as necessary 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 in the case.

The unfortunate truth is that if you are a landlord for an extended period of time, you are likely to be sued at some point. Even if you feel you keep up the property well, you cannot prevent every type of accident, and you can still be judged against in some cases. This is why it is so important to have a good landlord liability insurance policy to cover any contingencies. Of course you want your tenant to be and feel safe, but you also want to feel safe yourself, knowing that if a problem should arise, you are covered and will not have to pay exorbitant fees out of pocket.






 

Liability Insurance Claims News:

 

Fitch Affirms ProAssurance's Ratings on Acquisition Announcement - MarketWatch (press release)

Fitch Affirms ProAssurance's Ratings on Acquisition Announcement
MarketWatch (press release)
APS is the second largest provider of medical professional liability insurance in Texas, where American Physicians Insurance Company (API), a subsidiary of .

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Nationwide Mutual Insurance Company Prepares as Hurricane Earl Approaches East Coast
COLUMBUS, Ohio--(BUSINESS WIRE)--As the National Hurricane Center issues a hurricane watch for the North Carolina coast, Nationwide Mutual Insurance Company claims representatives and agents are preparing to assist customers should Hurricane Earl become a weather-related disaster. As weather alerts and reports from around the country track the storm patterns, Nationwide has people and resources ...


5 Keys Benefits of Business Insurance | General Liability Insurance
. Products Liability Insurance · Liability Insurance Claims · Liability Insurance Cost · Liability Insurance For Small Business · Third Party Liability Insurance · Garage Liability Insurance · Landlord Liability Insurance ...


Cheap car insurance for Arkansas residents - lonad News

Cheap car insurance for Arkansas residents
lonad News
Insurance Arkansas has its own set of minimum liability rates similar to other states in the United States. Until the liability insurance is paid, .

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Protecting your company with public liability insurance - International Business Times

Protecting your company with public liability insurance
International Business Times
Another helpful insurance option that businesses offering advice services ought to have is public liability insurance. This service offers a wide array of .
Part timers need to have insurance tooSimply Business knowledge
Liability is worth a second thought.Albany Times Union (blog)

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Directors and Officers Liability Insurance Claims - D&O Liability .
Business companies with greater assets are more likely to have D&O liability insurance claim made against their directors and officers more than smaller commercial companies. Publicly held companies have two to three times as many ...


 

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