Any company that deals with tenants can tell you they’ve heard from a lawyer about something. If they haven’t, it’s on their list of fears. The incident report, the pictures, and the accusations. All of it builds up to finally a letter coming to your office. You need to forward this to your legal team. If you don’t have a legal department in your company, you should at least have a retainer with an outside real estate attorney. Insurance takes off some of the pressure incidents can bring. Incidents are not expected to happen, and when they do, we all hope they are not as serious as they may seem. You should get insurance for your residential properties in case of property damage, personal injury, and to have potential defense coverage.
Property damage could include a balcony railing falling down, the balcony itself collapsing or a roof caving in. Property owners and managers will need coverage for these types of incidents because they are real and can happen. If something like property damage happens, then the liability falls onto the service providers. Even if you take excellent care of your property things can happen that you didn’t expect. Sign up for resident unit manager insurance and have the coverage you need for any potential situations that may arise.
Slip and falls are common with inclement weather. They are also common with cracked or damaged sidewalks or failing ramps. If you don’t want to invest in the insurance, you may need to invest in the required repairs. Keeping the grounds clean is not enough. Walkways and stairwells need to be durable and free of trip hazards. If someone is on the balcony when it collapses that’s also a double issue you’ll have to deal with. If you have a vendor working on the property and their faulty equipment causes a problem it could still wind up being a liability for you. The best thing is to make sure you get insurance as well as any contractors you have to work on the property.
Potential Defense Coverage
Defense costs can get expensive. Instead of having to pay those fees out of pocket, you can have those covered by your insurance as well. Companies that face lawsuits take a big hit from having to pay all of the legal fees on top of any penalties. When you shop around for insurance, look for coverage that will cover everything under a single blanket if possible. This avoids the conflict or sorting out who is responsible after an incident. You want incidents to get taken care of and go away as soon as possible. Any bad attention is ultimately going to affect your bottom line.
Looking at the amount of coverage that is available should convince and unit manager to have great coverage for the property. You are protecting everyone involved. If nothing happens, that’s great. If something does happen you want to be prepared. It’s good to have insurance for property damage, personal injury, and potential defense coverage.