Property Managers Insurance
If you are a commercial property manager, it is important for you to procure the right insurance coverage for the properties you manage. Here property mangers insurance would come to your rescue.
If you rent or lease real estate, sell, buy real estate, or manage real estate for others, you must have property managers insurance to protect yourself against certain claims.
Property managers need the following kinds of insurance covers:
- Habitation coverage
- Errors and omissions coverage
- Builders risk insurance
- Loss prevention
- Tenant discrimination issue
Property managers must consider the following before buying insurance cover:
- Whether the policy covers loss of income if the building is inhabitable
- Whether the policy pay market price if a property cannot be reconstructed
- Does the policy cover the property for loss or damage due to terrorism acts
- Does the policy cover any demolition expenses, removal of debris for damaged property that needs to be reconstructed
Property managers insurance thus becomes a necessity in the event of any unforeseen mishap, including injury to a third party on-site or a dangerous occurrence.