There is more to being a landlord than maintaining your property. Even if you're renting out a single-family home, a homeowner's policy may not be enough coverage for you. Your buildings are an investment and a source of income. Having the proper liability insurance means you will be protected from loss from all angles.
Liability Insurance: When Landlords Are Responsible Landlords can be held responsible for injuries on the property if they or the property manager is found negligent. The following conditions usually have to be met:
If a tenant is injured on the property, he or she can file a claim against the landlord's insurance, or sue the landlord directly if the proper insurance is not in place. The landlord may be responsible for paying medical bills, lost wages, pain, suffering, permanent disability, and more.
Bray Property Management knows how important it is to make sure that all buildings are properly maintained and that tenants are safe at all times. Our maintenance team works hard to stay on top of all repairs and to eliminate all dangerous conditions as soon as we become aware of them. Liability insurance is still necessary to avoid having your personal assets at risk in the event of an accident.
Property Insurance In addition to liability insurance, Bray Property Management recommends that all owners consult their insurance agent to make sure that there is enough insurance in place to cover many types of situations including fire, theft, and disaster. Property insurance typically covers:
At Bray Property Management, we know how important it is to protect your tenants, you, and your building from harm. Having the right insurance in place will make sure you are covered in the event of a disaster or an accidental injury to keep you and your investment safe.