The-Ten-Commandments-Of-Landlord-Insurance

The Ten Commandments Of Landlord Insurance

1st Commandment Of Landlord Insurance

Thou Shalt Always Require Renter’s Insurance (500K Minimum Liability) And Be Listed As Additional Insured

2nd Commandment Of Landlord Insurance

Thou Shalt NEVER Allow A Pool Or Trampoline (Specify In Contract)

3rd Commandment Of Landlord Insurance

Thou Shalt Always Insure To Replacement Cost Of Dwelling (Not ACV (Actual Cash Value))

4th Commandment Of Landlord Insurance

Thou Shalt Require Contractors To Provide A Certificate Of Liability Insurance (Sent from their agent DIRECTLY to you)

5th Commandment Of Landlord Insurance

Thou Shalt Always (If Possible) Use Proper Entity Set Up & Maintenance to Own Your Properties (This has more to do with Protecting The Assets than Taxes)

6th Commandment Of Landlord Insurance

Thou Shalt Know A Personal Umbrella DOES NOT Protect A Commercial Exposure

7th Commandment Of Landlord Insurance

Thou Shalt Understand The Difference Between Replacement Cost, Market Value, Tax Value

8th Commandment Of Landlord Insurance

Thou Shalt Insure Commercial Exposure With Commercial Insurance (4+ Units = Commercial Risk)

9th Commandment Of Landlord Insurance

Thou Shalt Not Use Insurance Like It Can Be Bought At The Local Super Market (Your property is a LARGE asset…one size DOES NOT fit all)

10th Commandment Of Landlord Insurance

Thou Shalt Know Your Policy’s Vacancy Exclusion (Every Carrier is different!)

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