Tip #95: Do You Have My Back?
From bedbugs to building flaws, landlords get blamed for everything, and trigger-happy tenants are eager to stir up legal trouble in the hopes of wiggling off the hook for rent. Profit margins are already tight, and defending a lawsuit can blow a landlord right out of the water — even if they ultimately prevail.
Insurance coverage is a must-have for landlords.
It’s a good idea to meet with your insurance agent periodically to go over your specific coverage. Get them up to speed on any changes you’ve made to the property, any planned repairs or remodeling, and seek their advice on lowering your risks in this climate of lawsuits.
That way, you will have the coverage you need when you need it. And who knows–you may even find some ways to reduce your costs.
See last week’s Landlord Quick Tip.
American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.