Protect yourself against tenant injury liability.
By keeping the property in good shape, you may prevent several difficulties. Here’s how it’s done:
In addition, the lease or rental agreement should explicitly state your commitment to repair and maintenance processes.
A well-designed property insurance coverage may protect a landlord’s rental property against damages caused by a variety of risks such as fire, storms, burglary, and vandalism. (Typically, earthquake and flood insurance are covered under distinct policies.)
A comprehensive general liability (“CGL”) coverage covers accidents or damages sustained by others as a consequence of improper conditions on the property. Liability insurance, on the other hand, covers the costs (mainly legal fees) of defending personal injury cases.
Here are some insurance buying tips:
To be held liable for an accident on the premises, the landlord or property management must have been negligent in the property’s upkeep, and that carelessness must have resulted in the harm. For a landlord to be found accountable, all of the following must be proven:
The landlord was responsible for maintaining the component of the property that caused the accident.
For example, if a tenant falls and fractures his ankle on a faulty front entrance step, the landlord will be held accountable if the tenant can demonstrate the following:
A tenant may sue or make a claim against the landlord’s insurance carrier for medical costs, lost wages, pain and suffering, permanent physical impairment and deformity, and emotional anguish. A renter may also claim for personal property damage, such as a radio or automobile, caused by improper maintenance or hazardous circumstances.