Property Manager Insurance Provided By Our Agency
A rental disagreement or damaged tenant property could have serious financial consequences. Protect your business with property manager insurance.
Who needs Property Manager insurance coverage?
If you are involved in the following activities, it is essential to have the right coverage and insurance policies:
- Renting or leasing residential real estate to others
- Managing rental properties for others
- Contracting services for rental properties owners (ex., hiring or supervising property maintenance for rental properties)
Lawsuits related to this industry are common, and failure to have the proper protection in place can expose your business to unnecessary risk. Your clients also trust you to carry the correct insurance to protect their most significant assets. The right policy can serve as an incentive to choose you as their property manager and will provide a tool to demonstrate your professionalism and care when acquiring new business.
What does Property Manager Insurance cover?
Common coverages included in Property Management Insurance are property coverage for the physical building and property, general commercial liability, and errors & omissions liability ( which is also known as professional liability). In addition to ensuring that your building and property are protected from common perils such as fire, it is typical to have coverage for rental income replacement, sewer backup coverage, tenant damage coverage, and on-premises pollution coverage, to name a few.
Property Management Insurance coverage also protects property managers against allegations of claims, negligence, and damages through errors & omissions /professional liability coverage. In addition, the commercial general liability coverage covers allegations of neglect resulting in bodily injury and property damage.
Property Management Insurance Coverage policies typically give errors & omissions/professional liability coverage on a "claims-made" basis. This indicates that coverage begins when a claim is made and reported to the insurance provider. The standard policy duration is one year, with an annual premium and per-claim deductibles. Contrarily, commercial general liability insurance is typically written on an occurrence-by-occurrence basis.
Property Manager Insurance coverage claims examples
Wrongful Eviction: As a property manager responsible for evicting tenants when and where necessary, you have recently evicted a tenant. In evicting the tenant, you did not follow the proper eviction process. As a result, the evicted tenant is now bringing forward a claim against you.
Tenant Discrimination: A potential tenant claims you did not rent a property to them based on gender, race, or religion.
Resident Injury: A tenant or visitor falls and injures themselves on your property.
Property managers shoulder significant risks on behalf of their clients. Protect your business and your clients with a property management insurance policy. Even if you operate entirely professionally, you can still be sued for wrongful eviction or tenant discrimination. Ensure your business and clients are properly protected. Talk to us today to learn more about property management insurance.
Already have Property Manager Insurance?
Switching is easy! It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
