As a landlord, it is crucial that you are properly insured. After all, you do not want to get stuck paying out-of-pocket for a tenant’s personal property in the event of a loss. This can get very expensive very quickly. So the question is, “What Insurance do I need as a Landlord?” First and foremost, you should require that all of your tenants have insurance of their own. However, you should never rely on this fact. Remember, it is always better to be safe than sorry.
- First Party Insurance: Every landlord should have property, or first party, insurance. This provides coverage for both the building and any of the landlord’s personal property within the building. This type of insurance, however, typically excludes a tenant’s personal property lost as a result of a force outside the control of the landlord. Remember to ensure that your property insurance covers a tenant’s personal property if the loss is attributed to the landlord.
- Third Party Insurance: This type of insurance protects a landlord against lawsuits from other people, covering the cost of defense and any liability owed to a third party. While many states, including Pennsylvania, find a landlord out of possession “is generally not responsible for injuries suffered by a business invitee on the leased property,” there are more than a few exceptions to this rule. Henze v. Texaco, Inc., 352 Pa. Super. 538, 541, 508 A.2d 1200 (Pa. Super. Ct. 1986).
To find out exactly what insurance coverage you need as a landlord, we recommend speaking with an experienced insurance recovery attorney, like Offit Kurman’s William H. Pillsbury. Mr. Pillsbury is a shareholder member of Offit Kurman’s Insurance Recovery Group, Real Estate, and Business Litigation Group. He represents businesses in a wide range of litigation issues, including efforts to recover money owed to them from their insurers. So, if you have any questions about Insurance Recovery or our blog, “What Insurance do I need as a Landlord?” please contact William H. Pillsbury at 267.338.1321 or firstname.lastname@example.org. Offit Kurman Attorneys at Law: Insurance Recovery Practice Group At Offit Kurman Attorneys at Law, the attorneys in our Insurance Recovery Practice Group exclusively represent policyholders, protecting both businesses and individuals against risk exposure and, in the event of a loss, ensuring they receive the compensation they are rightfully due. Furthermore, out attorneys help identify available insurance coverage to pay claims and recover what is owed by the insurance company. To learn more about Offit Kurman’s Insurance Recovery Practice Group, please fill out our contact form to access the sound legal guidance that our experienced insurance recovery law team of attorneys has to offer. You can also connect with Offit Kurman via Facebook, Twitter, Google+, YouTube, and LinkedIn. Sources: Landlords Should Have Both First-Party and Third-Party Insurance