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

Complete the quick form to get started

Most New Orleans rental property insurance policies do not offer any liability to a landlord if your tenant’s dog causes a claim

But…there is one insurance company that can but you need to qualify as a real estate investor

Best Practices with Tenants is not to allow pets not only for liability reasons but for damage concerns

Have them purchase an HO-4 policy to protect their personal property and provide them a layer of liability starting at 100,000 of lawsuit protection and also if they accidentally burn your property down

Intentional damage is not covered but accidental damage would be covered under their HO-4

Does your tenant have a car insurance policy?  

If so they can purchase the HO-4 policy from their car insurance company for as low as $10 a month and get a car insurance discount

Everyone wins

If your tenant does not want to purchase an HO-4 policy and has a dog we understand you may need a tenant in your rental property and you need to make an exception

Does the New Orleans Rental Property insurance policy have any breed restrictions?

First you need to understand no liability will ever extend to a prohibited breed of dog

Prohibited breeds of dogs include:

• Akitas Inu
• Alaskan Malamute
• American Bull Dog
• American Staffordshire Terrier
• American Pit Bull Terrier
• Beauceron, Boerboel, Bull Mastiff American Bandogge
• Bully Kutta (any other Mastiff breed)
• Cane Corso Caucasian Ovcharka (Mountain Dogs)
• Chow Chow
• Doberman Pinscher (miniature Dobermans acceptable)
• Dogo Argentino
• English Bull Terrier
• Fila Brasileiro (aka Brazilian Mastiff)
• German Shepherds
• Giant Schnauzer
• Great Dane
• Gull Dong (aka Pakistani Bull Dog)
• Gull Terrier
• Husky or Siberian Husky
• Japanese Tosa / Tosa Inu / Tosa Ken
• Korean Jindo
• Perro de Presa Canario
• “Pit Bull”
• Rhodesian Ridgeback
• Rottweiler
• Staffordshire Bull Terrier
• Thai Ridgeback Wolf or Wolf hybrid

and any mixed breed dog containing any of the aforementioned breeds

Here is a sample of the policy form you need on your rental property policy

You can purchase up to 1,000,000 of lawsuit protection on rental property to protect you as a landlord

Our new rental property insurance program for real estate investors can give you the coverage you need for

• vacant home insurance
• renovation home insurance
• short term rental properties
• annual lease properties

For New Orleans Real Estate investors you need the best insurance broker with FM Agency Group so complete the form below to get started

The Best Rental Property insurance for real estate investors will depend one the type of property you need insurance for

You need the best insurance broker to help real estate investors choose the insurance coverage needed to each type of property

• Single family properties
• Multi family properties
• Apartment Complex
• Condo Association
• Under Renovation
• Vacant Properties
• Short Term Rentals
• Tenant Occupied on an annual lease

New Orleans real estate investors are always looking to lower their expenses so they can keep more of their rental income or buy more rental property

When you find the best real estate investor insurance program in New Orleans it will allow you to keep your expenses low and give the opportunity to expand your real estate investment portfolio