The Ten Commandments Of Landlord Insurance

Estimated reading time: 3 minutes

Return To: Landlord Insurance – The Ultimate Guide

The TV shows you see that show you how to purchase real estate and grow wealth through real estate make becoming a landlord seem easy!

The part that the shows rarely show is how OPERATE your landlord business!

The devil is in the details for the rental property business.

These Ten Commandments Of Landlord Insurance will help serve as a blueprint when it comes to insurance.

Commandment NumberCommandment Of Landlord Insurance1st Commandment Of Landlord InsuranceThou Shalt Always Require Renter’s Insurance (500K Minimum Liability) And Be Listed As Additional Insured2nd Commandment Of Landlord InsuranceThou Shalt NEVER Allow A Pool Or Trampoline (Specify In Contract)3rd Commandment Of Landlord InsuranceThou Shalt Always Insure To Replacement Cost Of Dwelling (Not ACV (Actual Cash Value))4th Commandment Of Landlord InsuranceThou Shalt Require Contractors To Provide A Certificate Of Liability Insurance (Sent from their agent DIRECTLY to you)5th Commandment Of Landlord InsuranceThou Shalt Always (If Possible) Use Proper Entity Set Up & Maintenance to Own Your Properties (This has more to do with Protecting The Assets than Taxes)6th Commandment Of Landlord InsuranceThou Shalt Know A Personal Umbrella DOES NOT Protect A Commercial Exposure7th Commandment Of Landlord InsuranceThou Shalt Understand The Difference Between Replacement Cost, Market Value, Tax Value8th Commandment Of Landlord InsuranceThou Shalt Insure Commercial Exposure With Commercial Insurance (4+ Units = Commercial Risk)9th Commandment Of Landlord InsuranceThou Shalt Not Use Insurance Like It Can Be Bought At The Local Super Market (Your property is a LARGE asset…one size DOES NOT fit all)10th Commandment Of Landlord InsuranceThou Shalt Know Your Policy’s Vacancy Exclusion (Every Carrier is different!)The Ten Commandments Of Landlord Insurance

1st Commandment Of Landlord Insurance

Thou Shalt Always Require Renter’s Insurance (500K Minimum Liability) And Be Listed As Additional Insured

2nd Commandment Of Landlord Insurance

Thou Shalt NEVER Allow A Pool Or Trampoline (Specify In Contract)

3rd Commandment Of Landlord Insurance

Thou Shalt Always Insure To Replacement Cost Of Dwelling (Not ACV (Actual Cash Value))

4th Commandment Of Landlord Insurance

Thou Shalt Require Contractors To Provide A Certificate Of Liability Insurance (Sent from their agent DIRECTLY to you)

5th Commandment Of Landlord Insurance

Thou Shalt Always (If Possible) Use Proper Entity Set Up & Maintenance to Own Your Properties (This has more to do with Protecting The Assets than Taxes)

6th Commandment Of Landlord Insurance

Thou Shalt Know A Personal Umbrella DOES NOT Protect A Commercial Exposure

7th Commandment Of Landlord Insurance

Thou Shalt Understand The Difference Between Replacement Cost, Market Value, Tax Value

8th Commandment Of Landlord Insurance

Thou Shalt Insure Commercial Exposure With Commercial Insurance (4+ Units = Commercial Risk)

9th Commandment Of Landlord Insurance

Thou Shalt Not Use Insurance Like It Can Be Bought At The Local Super Market (Your property is a LARGE asset…one size DOES NOT fit all)

10th Commandment Of Landlord Insurance

Thou Shalt Know Your Policy’s Vacancy Exclusion (Every Carrier is different!)