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Liability insurance is a way to protect your financial assets in the event that someone files a lawsuit against you in an attempt to collect financial compensation for damages. Damages can range from financial difficulty to emotional harm to physical injury and death.
As a landlord, you have a responsibility to keep your property well-maintained and safe to prevent injuries and illnesses. However, even with important maintenance and safety measures in place, not every liability circumstance can be prevented. Landlord liability insurance helps you to protect your rental property investment in the event of a liability claim filed by a tenant or a visitor to your rental property.
Landlord Liability Claim Scenarios:
It is critical to have adequate liability insurance to protect your investment. Contact us today to speak with a Landlord Liability Insurance professional!
The costs of litigation and legal defense are some of the primary risks landlords face because these costs can quickly become financially devastating. The good news is that doing your due-diligence to keep your rental premises safe will decrease your liability risk.
The best way to avoid injuries that can result in liability claims on your rental property is to keep your property well-maintained and to quickly respond to any concerns regarding safety that your tenants may present.
Preventing security issues on the premises is another important step toward protecting your renters and reducing your risk. Here are ways to address these potential issues:
Finally, it is important to reduce the risk of liability issues related to discrimination, wrongful eviction and other claims from discontent tenants who feel they have been mistreated. Some important steps you can take include:
Since every rental is different, the amount of landlord liability coverage you need is completely dependent upon your circumstances. For example, if your rental units are located in a high crime area, you might want additional protection to cover you if a tenant files a claim regarding the apartment’s security after a burglary. If you have a swimming pool or other “attractive nuisances” on site, you should consider adjusting the amount of your policy to cover potential claims of injury resulting from those features.
Do some research on legal fees associated with the average landlord liability lawsuit in your area. You can also request help from an independent agent in the Trusted Choice network. A local agent can provide customized landlord liability insurance quotes and help to ensure that you get the coverage you need.
Even when you have done everything you can to reduce the risk of liability claims, it is still advisable to carry liability coverage. Here are some ways to obtain landlord liability insurance affordable: