Liability insurance for Laplace real estate investors

Real estate investors in Laplace need to know how much liability insurance is enough to protect their rental property investments and should use an insurance broker to help them find the best coverage at the lowest rate 

Most rental property policies start at 100,000 of liability or lawsuit protection and in our community we know 100,000 is not enough

 

The cost of hiring an attorney to defend you can exceed 100,000 so for as low as $20 a year you can get much more lawsuit protection 

No matter what you do as a landlord rental property owner you can’t prevent a tenant from having friends over and a guest trips, slips or falls

These are the most common liability claims presented to landlords

Since you can’t prevent your tenant from suing you regardless if you are actually liable you need to buy as much liability insurance offered

The standard liability lawsuit protection limits are 100,000 to 1,000,000

What is the cost of Liability insurance in Laplace for Real Estate investors?

A rental property insurance policy should included liability unless you purchase a Citizens Fair Plan dwelling policy because these policies do not include any liability protection just property coverage

The difference from 100,000 to 300,000 could be as low as $20 a year so if your policy only has 100,000 let your insurance broker know you want to raise it up to 300,000

A few insurance companies do offer 500,000 on their rental dwelling policies and your insurance company offers the 500,000 limit it is in your best interest you buy it

When you get a letter in the mail on behalf of your tenant from their plaintiff attorney that is the moment when you want as much liability as you can get

Most common claims against Laplace Real Estate investors

  • Slip, trip and fall from tenant or tenant’s guest
  • Tenant caused fire

Does Liability insurance cover a fire caused by a tenant?

If the damage results in property damage to others but not your tenants

Your tenant needs to carry their property insurance coverage for their personal property but if the fire causes damage to the neighbor’s house or vehicles parked in the driveway your liability insurance policy will pay for the neighbor’s property damage

Liability insurance is not just for slip, trip and fall claims

 

It also covers property damage you are legally liable for so if your tenant’s kitchen fire burns down the neighbor’s house your liability insurance limit needs to be high enough to cover property damage claims against you as well and the minimum of 100,000 is not going to be enough

If you are a Laplace Real Estate investor and need to lower your expenses or increase your insurance protection on one or one hundred properties FM Agency Group is the best Laplace insurance broker for real estate investors

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