We are talking about insurance for your Las Vegas rental property, and today we have Curt Bulloch from Bulloch Insurance Brokers joining us. Curt’s company provides special help to property managers and educates them on the insurance they might need. Before you hire a property manager, listen to Curt talk about the insurance they should have.
Professional Liability Insurance
A professional liability policy, which is commonly known as an errors & omissions or E&O policy, is essential. In looking for a Las Vegas property manager, you want to make sure they have this coverage. In this policy, the key coverage is insurance for the professional duties of your property manager. That’s going to include maintaining the property, finding tenants, and collecting rent.
Additional Coverage in E&O Policies
You also want to have coverage for fair housing and discrimination claims. Those are extremely expensive to defend against. Look for coverage that addresses disciplinary proceedings from the State Department of Insurance, and coverage for cyber or breach liability. If you’re collecting data on your tenants and applicants, such as personal identification information like driver’s license numbers, birth dates, credit card numbers, and social security numbers, you need to keep it secure. If that data is taken, you want coverage for that.
Educate Yourself on Insurance Requirements
A good E&O policy or professional liability policy will have these coverages. When you’re looking for a property manager to provide services for your investment, you need someone who understands the insurance requirements and can keep you and your property protected. Make sure you find a professional who has this type of insurance. Curt is a valuable resource for insurance, and be sure to talk to him if you have any questions. He’s an associate member of the National Association of Residential Property Managers, and a wealth of information.