The property management insurance process may seem overwhelming. But don’t worry, we are here for you.

To establish yourself as a professional and credible property manager, you must take the proper steps to make sure that your properties are adequately insured so that your business stays protected and successful.

Keep reading to learn the answers to some of the most commonly asked questions about property management insurance.

Who Needs Property Management Insurance?

If any of the following apply to you, you need to have property management insurance:

• You rent or lease real estate to other parties.
• You manage rental properties for other parties.
• You contract services for rental property owners. For example, hiring a maintenance team or office manager for rental properties.

Property management insurance is so important in those industries because lawsuits are quite common. If you don’t have the proper protection in place, you risk losing your company and having to pay extraneous amounts of money in lawsuits.

What Type Of Insurance Do Property Managers Need?

As a property manager, you need insurance that covers your business, clients, tenants, and the properties you manage. A strong insurance policy protects you from liability claims, legal proceedings, and lawsuits as well as losses caused by fire, vandalism, burglary, and so forth, including:

Errors and Omissions Insurance

Liability insurance is often referred to as Errors and Omissions (E&O) insurance and is designed to protect you from claims against wrongful eviction, invasion of privacy, hiring unlicensed contractors, and so on.

General Liability Insurance

You will also need general liability coverage. This type of coverage provides more broad, day-to-day coverage for your business practices.

Tenant Discrimination Insurance

Tenant discrimination is a significant concern for many property managers. The good news is, there is such a thing as tenant discrimination insurance to cover property managers when current, former, or prospective tenants make wrongful discrimination allegations.

What Tenant Claims Are Property Managers Responsible For?

Without property management insurance, you may find yourself liable if the following happens on your property:

• Damages and losses from a crime
• Environmental hazards like mold, pests, and lead
• Tenant and guest injuries
• Actions from tenant’s pets like biting and fleas
• Actions from tenants

Things To Consider When Choosing Property Management Insurance

• Buy enough coverage to protect the full value of the property and all assets.
• Make sure your policy covers libel, slander, discrimination, invasion of privacy, and unlawful eviction in addition to physical injury.
• Purchase liability insurance for all vehicles you use for business purposes, including the truck(s) the manager and/or maintenance team use on the job.

Where Can I Find Affordable Property Management Insurance?

If you’re in need of insurance for building owners, count on the expert team at Bethany Insurance. Our team of experienced insurance professionals is committed to helping our clients find policies that fit their needs.

Our team is dedicated to providing personalized attention and quality customer service to create an insurance buying experience that’s hard to find in today’s market. We look forward to hearing from you!