As a Property Manager, I’m amazed when I see landlords or home owners wanting to rent out their homes not have the right insurance policy or do anything to remove the liability of future lawsuits. There are some great hints and tips out there.
From http://blog.rentals.com, are these great tips:
New status, new policy: Once you have tenants in your house and live off-site, you now have what’s known as a non-owner occupied dwelling. Along with this new designation come some new risks and the need for a different type of insurance coverage.
Landlord insurance: A landlord policy protects the structure of your property, but also takes into consideration a higher likelihood of storm damage, fire, vandalism and burglary, since the home may stand vacant between tenancies.
Liability: As a landlord, you’ll have no knowledge or control of what might happen on the property or to whom. In addition to the tenants or their guests slipping and falling, there is also risk from uninsured repairmen who might get injured.
Personal property: A landlord policy will cover any personal property you have at your rental, but it will not cover your tenants’ property. It is a good idea to urge your renters to get a renters policy, which will cover loss of their property due to theft or natural disaster.
Another great site, http://www.floridalandlord.com/ has these eight great tips: Eight Ways to Reduce Your Risk and Limit Your Personal Liability,
1. Keeping a low profile.
2. Screening the background of everyone who works on their rental property.
3. Requiring their tenants to purchase renters’ insurance.
4. Maintaining a smoke-free policy on their rental property.
5. Requiring that repairmen and contractors and their employees be adequately insured.
6. Forbidding tenants from keeping vicious breeds of dogs on their rental property.
7. Carrying adequate general liability and personal umbrella liability insurance on their
property.
8. Holding the title to their rental property in a separate business entity.