Owners of multiple residence properties have the daunting task of monitoring and meeting the needs of multiple tenants. This also comes with a host of specialist risk management concerns. Ownership of residential properties such as apartments, condominiums, and student housing creates a number of unique risks. As such, some research may be necessary to obtain the appropriate insurance for the properties being managed. Because different types of properties have different types of exposures, ensuring proper limits and adequate coverage can be challenging.

Additionally, you may also need to keep track of multiple projects and policy expiration dates, which can be extremely overwhelming. That’s why it’s important to have a specialist help you find the right types and amounts of insurance.

The basic insurance needs for any homeowner is general liability coverage for tenant injury or loss caused by: fire, wind, storm, theft, and malicious damage or vandalism by tenants of the home. Also, depending on the location, flood insurance is recommended. A well-designed residential and commercial property insurance policy can protect against any or all of these risks.

Who should have property management insurance coverage?

Anyone involved in any of the following activities should speak with an expert who understands the unique insurance needs of property managers:

Rent or lease real estate to third parties
Manage real estate for others
Sell, buy or rent real estate for third parties

Commercial properties carry some of the same risk factors as residential properties

If you are a real estate investor, but choose to focus on commercial properties rather than residential properties, you also need a properly insured residential and commercial property insurance policy that is designed accordingly. Like residential property, general liability and catastrophic event coverage must be purchased. However, when it comes to commercial properties, you should also consider having environmental and/or pollution coverage, commercial auto coverage, or workers’ compensation coverage.

Whether you are the owner of a residential property only, a commercial property, or a portion of each, working with a professional residential and commercial property insurance provider to create policies that cover all areas of risk is a good idea. management. These professionals can advise on what coverage options are available, standard limits, and a variety of unique ways this coverage can better protect properties based on their use and location.

The basic insurance needs for any homeowner is general liability coverage for tenant injury or loss caused by: fire, wind, storm, theft, and malicious damage or vandalism by tenants of the home. Also, depending on the location, flood insurance is recommended. A well-designed residential and commercial property insurance policy can protect against any or all of these risks.