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Tip #199: Prove It!

Here’s a handy tip that professional property managers follow: Whenever you are planning to have work done on a rental property, always ask the vendor performing the services to pass along a certificate of insurance.

When it comes to insurance, don’t just take their word for it. This certificate verifies that the vendor is carrying insurance, that the policy is in full force, and that the type of coverage is appropriate for the job.

At the same time, be sure to record the vendor’s business name, address and taxpayer ID number.

Keep these records in a file, just in case:

You have to make a claim on the insurance;

You have to defend a claim from the vendor;

You have to contact the company again for warranty service;

You have to send the company a 1099; or

You have to prove that the vendor was an independent contractor, not an employee.

Getting this info upfront will save time down the road.

See last week’s Landlord Quick Tip

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