We have recently been having conversations in our weekly Property Management meetings about public liability insurance for our landlords and whether we should or should not take on an owner / management if they are not covered by this type of insurance.
When it comes to rental properties, the onus is on the owner of that property to make sure that they are covered by public liability insurance (usually a minimum of $10 million) in the event of a fall, injury or even a death at their property because, even though everyone does their best to avoid it,
accidents / incidents do happen.
Best practice for our office is that we recommend all owners take out landlord insurance and this usually includes public liability insurance or legal liability cover but we make sure owners check. Our office also requests a copy of this insurance annually so that we can keep it on file and make sure
its up to date.
What do other property managers do in this instance – would you take on a new management without an owner having this insurance?
Look forward to feedback.