Landlord Liability Insurance
Landlords generally have the responsibility of ensuring that their property, or properties,
is well maintained so that their tenants will not be endangered by living or working on the property. This may mean
performing routine repair and cleaning services but it also involves purchasing landlord liability
insurance. Such insurance protects the landlord, for instance, in the event that a tenant injures themselves
on the property and decides to sue the landlord for negligence.
A number of things must be proven by the plaintiff in such a case, mainly that the injury was
a direct result of the landlord’s negligence. If the tenant was injured in a common area of the landlord’s
property, then it was likely within the landlord’s purview to maintain the area. If the plaintiff can show that the
stairwell on which they fell, for example, was damaged or not otherwise properly maintained by the landlord, then
the landlord may very well be held financially responsible for the plaintiff’s injuries.
Landlord Liability Insurance - Protection and Peace of Mind
Landlord liability insurance gives the landlord a layer of protection and peace
of mind from the claims of tenants. Without it, they may find themselves paying for things like attorney fees and
damages awarded at the end of a trial out of their own pocket - something which can easily prove ruinous to the
landlord’s personal finances. With such coverage, however, the landlord is able to secure adequate legal counsel
and pay any damages owed without having to liquidate their assets.
Such insurance also covers the landlord in the event that a tenant’s belongings
are damaged while on the property. However, it does not cover damage that the tenant causes to their own
furnishings on the property. Hence, a situation like a roof caving in and destroying furniture could easily be
covered under liability insurance, while a tenant misusing their furniture and causing damage would not be
construed as the responsibility of the landlord.
Landlord Liability Insurance - A Must Buy
Landlord liability insurance makes it easier for the landlord to conduct
business. The landlord conducts regular property reviews and performs all necessary maintenance and repairs to
ensure that everything operates safely. Purchasing such insurance is an added layer of protection against a world
in which people can be quick to sue.
Lawsuits are risky and expensive, so landlords should protect themselves and
their assets by purchasing liability insurance. It’s a responsible method of doing business and it can help the
landlord stay in business.