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What is Property Management Insurance?
roperty management insurance is a protection for property management professionals against allegations from clients.
More specifically, this insurance for property managers protects the managers from any claims made by clients like failing to follow the contract or displaying professional negligence. This insurance can cover all claims, no matter how baseless the allegations are.
The reason for having this kind of insurance is that, in the real estate industry, there are dozens of ways that a property manager can have a lawsuit filed against them. Even though most property managers have a lawyer to deal with these problems, this property management insurance pays for all of the legal fees and court fees that come with any lawsuit.
Which property managers should consider property management insurance?
As a general rule, all commercial property managers should consider investing in property management insurance.
More specifically, property managers in the following professions should seriously consider investing in some type of insurance coverage:
roperty management insurance is a protection for property management professionals against allegations from clients.
More specifically, this insurance for property managers protects the managers from any claims made by clients like failing to follow the contract or displaying professional negligence. This insurance can cover all claims, no matter how baseless the allegations are.
The reason for having this kind of insurance is that, in the real estate industry, there are dozens of ways that a property manager can have a lawsuit filed against them. Even though most property managers have a lawyer to deal with these problems, this property management insurance pays for all of the legal fees and court fees that come with any lawsuit.
Which property managers should consider property management insurance?
As a general rule, all commercial property managers should consider investing in property management insurance.
More specifically, property managers in the following professions should seriously consider investing in some type of insurance coverage:
- Renting or leasing real estate properties
- Contracting services for some rental property
- Managing any amount of properties
