Rental Property InsuranceThis Is A Summary Page Rental property owners and managers have a responsibility to preserve their property, be a good neighbor, and to help protect tenants, their guests, and the public from economic loss or harm. Insuring property is not only important to protect assets but is likely required by lenders as well. Accordingly, w e must evaluate our risks on a regular basis to help determine our potential property damage risks and the liability for injury or financial loss to others, then try to carry the appropriate insurance to deal with them.
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Insurance companies continually evaluate their losses and exposure. Then they target the areas of the casualty business where they think they need to increase, or decrease business, to better balance their risk.
The Insurance Services Organization (ISO) developed standardized language for business and property policies that have been used by most insurance companies in most states since the mid 1970s.
Protecting Tenants from the Manager or Maintenance Employees
A tenant who gets hurt or has property stolen or damaged by an employee could sue the property owner for failing to use due diligence in employee screening or supervision.
A last note before you explore our additional insurance pages: When you select a company or agent, always consider their reputation for claims service along with their price.
Buying Insurance & Avoiding Risk | Property Insurance & Coverage | Commercial General Liability | Tenants Insurance | Broad Form Coverage | Perils Insured Against | Broad Form Conditions
Possible Future Topics :
When property owners and managers may be liable for accidents on the premises?
Examining the responsibility to prevent accidents on the premises?
What must an injured plaintiff prove?
What is negligent hiring?
How far can you go in screening an employee applicant's background?
Are property owners and managers liable for crimes committed by third parties?
Can property owners be held liable for crime prevention efforts?
What are the requirements under the Americans with Disabilities Act?
How much insurance is enough?
The above topics are discussed in much more depth on our members' Rental Property Insurance page.