Las Vegas Property Management Blog, the G-Gram

Advice on HO-3 to Landlord Policy by Las Vegas Property Management

George Trombley - Wednesday, August 16, 2017

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 specializes in property management insurance, and they provide advice to property managers on the coverage their clients need. We’re discussing the type of insurance you need when you switch from being the owner and occupant of a property to the landlord of a property with Las Vegas tenants moving into your home.

Converting Your Insurance Policy

A lot of people decide to buy a house, they outgrow the house, and they decide to rent the property out. Sometimes, they’ll forget to convert their insurance policy. When you live in the home, you have a homeowner’s insurance policy or an HO-3 policy. But when you move out, and you turn that property into a business, you need to buy another policy, which we refer to as a dwelling fire policy or a landlord policy.

Landlord Policy Coverages

There are special coverages on the landlord policy that protect property managers as well. Liability is one example. We recommend liability coverage up to $1 million. We also recommend you have coverage for loss of rental income. If there’s a covered claim, like a fire, the insurance company will pay your rent while the house is being repaired. You also want to have coverage for discrimination, fair housing, and wrongful eviction. Those are excellent coverages to have and should be included in your landlord policy. Look for a policy that includes water back up coverage. If a tenant causes water damage, the insurance company can cover the damage while the unit is being repaired.

Additional Insured

A Las Vegas property manager needs to be named as an additional insured on the policy, not an additional interest. This is important in case there’s a lawsuit. It protects both the landlord or property owner and the management company. The insurance company will represent you in case of a claim or a lawsuit.

Author Image If you have any questions about a landlord policy, contact Curt at Bulloch Insurance Brokers. If you have questions about Las Vegas property management, don’t hesitate to contact us at Blackbird Realty.

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