If these troubling times have taught us anything, it’s that the real estate market goes through cycles. Just like most other investments, there is an inherent risk when purchasing property. However, regardless of the shape that the market is in, there will always be people looking to rent. As an apartment building(s) owner and/or lessor, you may count on these properties as a steady source or primary or supplemental income. While you may have traditional insurance in place to cover possible problems to the buildings themselves, there is the often overlooked problem of what is protecting you, which is why it’s important to make sure you have a custom apartment owner liability insurance cover plan to fill in these gaps. If an accident or injury takes place in one of your properties, there is a distinct possibility that the tenant will try to hold you personally responsible. Or if you have tenants with high risk dogs, you might need animal liability protection in the event there’s an attack – a lawsuit of this nature could end up costing you greatly. Apartment liability insurance plans are molded to suit your specific needs (size of building, number of property, number of tenants, location, etc), and as accurately and efficiently as possible. It would be unfortunate in this down economy, when times are already tough, to be solely up against any kind of lawsuit, along with the lawyer fees, time, and stress that come with it. By finding a custom liability plan, you’ll fill in the gaps of your traditional plan, and you’ll lessen the chance of an accident taking a large bite out of the income you’ve come to count on.

Landlord Liability Insurance

Although owning a rental property can be rewarding, it could also be risky. Say your tenant slips and falls after the common area floors have been mopped. Suppose your property has faulty security and an intruder breaks in, or the ceiling collapses above your tenant’s head. You’re looking at a costly lawsuit. Case in point: a New York City woman sued and won the case against her landlord after he neglected to fix the ceiling in her bedroom that collapsed on her head while she was sleeping. Another example — a landlord neglected to investigate and discover an electrical defect that caused a fire that destroyed his tenant’s home and belongs. The tenant was awarded a $500,000 settlement. In another case, a Marin County man sued his landlord after falling down the stairs and was awarded $1.1 million by a jury.

What Every Landlord Should Know About Insurance

Owning property carries a fair amount of risk. The factors that make you, the landlord, the most vulnerable are, damage to property either by tenant or disaster, and lawsuits. Many landlords depend on the income from rental properties to make payments on their current residence so it is important to protect yourself so that you are not without this income. Here are some facts you should consider when choosing landlord insurance coverage. Not all policies are equal– This is one of those categories where you get what you pay for. XINSURANCE will consider the type of property you own and customize coverage, premiums, deductibles and financing to suit your specific needs.
03 December, 2018
[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text] I tightened my helmet, secured my kneepads, and snapped my buckles into place. I was nine and it was rollerblade time. I always had a great time cruising the mean sidewalks of suburbia in my neon rollerblades, but this day was exceptionally great. I even landed a jump. Then it happened. A furry little monster blindsided me from behind, and I went down. Long story short, my rollerblades were viciously and brutally attacked by the neighbor’s three-pound Pomeranian, Mr. Fluffy.
28 September, 2012
As a landlord, I was stunned to hear the news last week of an opinion issued by the Kentucky Supreme Court, which stated that landlords could be held liable if their tenants’ dog bites someone. Now, instead of simply weighing the usual wear-and-tear costs associated with allowing dogs in rental units, landlords will need to determine whether renting to dog owners could put their very livelihood at stake. Jeffrey Greenberger, attorney for the Greater Cincinnati Northern Kentucky Apartment Association, responded to the opinion by calling it “scary.” He added he “knows of no other case where the landlord is treated as though he owns the tenant's pet.”
31 July, 2012
[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text] If you think about it, animals share a common trait with cars, boats, and houses—when tragedy strikes a lack of liability insurance in these areas can be life-altering. And not in the "I won $27.3 million in the lottery" way.  Rather, the "I need lawsuit protection so I don't lose everything I own" type of way.
18 July, 2012
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  Even a small dog bite can be an ouch!  Dog bites account for approximately 360,000 emergency room visits per year. Victims more often than not file lawsuits seeking for payment of medical bills, loss of income, and compensation for pain and suffering. Dog bites are the biggest cause of homeowner’s insurance claims and some are limiting or eliminating the coverage altogether.  If you are the loving owner of a dog that is not covered by your homeowner’s insurance, you might want to invest in a policy that will protect you and your beloved pet from liability situations. Even a nip could leave you vulnerable to a lawsuit. XINSURANCE will provide coverage no matter what the dog breed.  In many cases there are state, local and county ordinances that require pet owners, homeowners, renters, and even landlords to have animal liability insurance coverage in place. Owning a pet can be an extremely rewarding experience but it also brings a certain amount of responsibility and risk no matter the breed or the temperament of your dog. Becoming informed on your homeowner’s policy and what additional coverage you may need is a good way to ensure peace of mind and stay out of the doghouse for good.
11 July, 2012
I’ve always been a dog person.  I love all kinds of dogs, but I’ve always had a big soft spot for English Bulldogs.  Maybe it’s their round faces and giant tongues that get me, or maybe it’s their short, stocky little bodies covered in skin rolls.  Whatever it may be about these dogs, I love them, especially my own little guy.  And when I think of my English Bulldog, Duncan, the last adjective that comes to mind is dangerous. Yet, the CDC sites some of my favorite breeds as the most dangerous.  At the very top of the list are Pit Bulls, a distant relative of the English Bulldog.
23 May, 2012
[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text] I used to get made fun of as a kid.  I was the one who came to school with a backpack as big as I was, filled to its capacity with school supplies.  From pencils to gauze pads (just in case my pencil slipped when writing notes and I cut my hand, of course), I had it all tucked nicely into my scoliosis maker. I blamed it on my mom.  I told my snickering peers that she was overprotective and I had to lug around my “just in case” bag to keep her off my back.  But really, it was all me.  I was the epitome of a boy scout – always prepared no matter what situation I was in.  It was in my blood and still is.
27 April, 2012
No one wants to get into trouble. Nobody wakes up and thinks, “Boy. Today, I think I’d like to test the limits of my legal and insurance coverage. Honey? Get the 4-wheelers out! We’re going to test them out on that golf course.” Trouble is a thing that pops up when least expected. The trick to taking care of trouble is making sure that as many of these little gaps as possible are not problem areas. Without being alarmists, it can be surprising the things that American adults can be found personally liable for. A large lawsuit can boil down to something simple like:
13 January, 2012
Most people consider insurance when it comes to their car or their house because it’s required in order to get a loan. But renter’s insurance is another thing. Many renters live under misconceptions about the need for insurance. For example, some believe that the landlord's insurance will cover them in case of theft, or their roommate's insurance will include them, or that they are still covered under their parents' homeowners insurance. The truth is, in order to protect your belongings you must get coverage for them yourself.
10 January, 2012