Liability protection is most important for landlords.

Liability protection is most important for landlords.


One thing that I think landlord’s overlook, is how important liability insurance protection is when they are buying property insurance. Because we are in a very litigious society, I think this is more important than the fire portion of a landlord insurance policy. But with the real estate lender more concerned about a fire loss or physical damage to a property, landlords become more concerned about making the lender whole and protecting the mortgage

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The problem is there are insurance companies out there who will offer only property coverage with no liability portion. This is a big mistake to make Mr or Mrs Landlord, keeping the bank happy while leaving yourself open to lawsuit claims.

The other problem occurs when an unpaid lawsuit becomes a judgement against the real estate owner. In New York State, that property attaches to any real estate owned. So the property could never be sold or refinance until that judgement is paid off.

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Using the F.A.I.R. plan or other alternative in New York State is never a good idea for real estate owners. They need to fully protect themselves from the tenants, guests & property visitors from bringing about a claim against them

Liability protection is most important for landlords.

Tom Larsen,

Independent Insurance Broker


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