The builders risk policy you purchased for a new construction project or a renovation on a rental property probably does not include premises liability
In the New Orleans area you need premises liability to protect you from slip, trip and fall claims and most builders risk or renovation policies don’t include the valuable coverage
What is premises liability?
It protects you from bodily injury and property damage claims that you are legally liable to others and if you are not legally liable but still get sued the coverage provides you a legal defense if you receive a plaintiff attorney letter in the mail
Your insurance claim representative will investigate the claim to either deny or settle on your behalf
Recent claim examples involving Premises Liability
The owner of the house is showing the new home that was just built to his friends
The friend’s wife trips and falls down
She turns her ankle and can no longer go to work for a few weeks and may require surgery
She hires a billboard attorney and sends the demand letter to the owner of the house
Premises Liability applies here and will review the claim on your behalf
Without premises liability coverage you would be left handling your liability defense out of your own pocket and savings account
How much is a Premises Liability policy on a Builders Risk or Renovation policy in New Orleans?
As low as $330 for the year and you get 1,000,000 of protection
Can you write the premises liability policy in a personal name or LLC?
Both it doesn’t matter
You can get liability protection in your personal name or the LLC that owns the property
Can I add more than one property to the Premises Liability policy?
You can add up to 100 properties on one policy and pay one bill monthly
Premises liability is for real estate investors but also new homebuyers that are building new construction
If you are building a new home you will need to purchase a builders risk policy or a homeowners insurance policy with the under construction endorsement
Not all policies include Premises Liability so you need to check to see if you have this coverage
A good insurance broker can help you find the right policy for you and you can get 1,000,000 of insurance protection for as low as $330 a year
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