Insurance Questions for Your Provider and Your Property Manager
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Published Date: 2016-02-01
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For most people, homeowner’s insurance is pretty straightforward. Since they’ll be the ones living in the house, they aren’t overly worried about getting coverage in case of an accident. In general, they just want to be able to pay no more than their deductible if there’s storm damage to the house or if there’s a break-in. For landlords looking for insurance for rentals, especially those with furnished housing, insurance is an entirely different beast. If you’re signing on with CorporateHousingByOwner to rent furnished housing to corporate tenants, you’re going to have a few questions for both your insurance provider and your property manager. For example, did you know that a lot of property managers now require you to list them on your policy as an additional insured? And did you know that not all insurance companies allow you to do this? These two questions alone will leave you wondering whether you should find a property manager that won’t require you to include them on your insurance policy or an insurance company that will let you include your property manager. Let’s clear some things up to make it easier as you get started in the furnished housing rental world.
Should Your Property Manager Be on Your Insurance Policy?
You might think that your property manager is just trying to save a buck by getting on your insurance policy instead of picking up their own insurance. However, any good property management firm will have insurance of their own, including errors and omissions insurance. This kind of insurance doesn't cover liabilities associated with the property itself, though, and your property manager is likely just trying to ensure that they are completely covered when it comes to accidents, errors, and problems with the property that could result in a lawsuit. Ask your property manager about their errors and omissions insurance, as well as any other coverage they have, and you should get a good idea of whether or not you feel comfortable adding them as an additional insured on your policy.How Much Will You Pay to Add Your Property Manager to Your Policy?
When you look into adding your property manager to your policy, you should ask your provider what this will cost you. Some providers don’t charge extra for an additional insured, but this is rare. In most cases, the additional cost is minimal, and you should have no trouble covering it with your revenue from your furnished housing rental. If you are unhappy with the additional cost, you may want to either look into another insurance provider or negotiate with your property manager to split the cost of adding them to your policy. You may be able to get a slight discount on your monthly property management fee if you pay to have your property manager as an additional insured.![Property Manger](https://www.corporatehousingbyowner.com/uploads/blog/2016/02/marketing-automation-benefits-300x185.png)