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.
Directors of HOA organizations have the unenviable task of completing large “to do” lists while assuming the risk of offending neighbors if they don’t like your decisions.  While maintaining the common areas in their neighborhood, directors must:
  • Act in good faith and candor
  • Act in the interests of another and avoid transactions that result in personal gain
  • Not exert undo pressure or act without the knowledge and consent of those he represents
"Home is where the heart is," right?Well, when something terrible happens at your home, where does that leave you? With a broken heart and most likely a broken budget.The preventative heart care you need as a homeowner lies with comprehensive property liability insurance. Sure, you probably have a standard homeowner insurance policy; it might even have a small amount of liability protection built in. But is it enough to protect you against the weirdness of everyday life?