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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