Buying Insurance & Avoiding RiskThis Is A Summary Page Wh y buy insurance? Property owners and managers must purchase insurance because they have a responsibility to preserve property and to protect tenants, their guests, and the public from harm. Owners and managers should evaluate their risks on a regular basis to determine their possible liability and financial loss, then carry the appropriate insurance to deal with the liability and property damage risks. |
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Buying Insurance is an ongoing process because insurance companies continually evaluate their exposure and target the areas of the casualty business where they think they need to increase, or decrease, business, to better balance their risk. Business insurance is in a constant state of change and you may find huge savings by shopping for the company that wants your business at the moment. As a result, p roperty owners and managers are never through shopping for insurance. Proper insurance management includes:
- Consider claims service
- Keep adequate records
- Know a good lawyer
Avoiding and managing risk on rental property can be complex and time consuming, involving a number of components and potential complications . The general principles include:
- Avoiding risk
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Controlling risk
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Transferring risk
See the page on Tenant's insurance .