Premise Liability: A Landlord’s Grim Reaper?
Premise liability is a landlord’s Achilles’ heel – and it can be a game changer. Without insurance, one claim could very well end your rental property management days. These days, with verdicts routinely reaching into the millions -even tens of millions, if your insurance policy has exclusions or pay-out limits you may not be as secure as you think.
To limit the risk of a premise liability claim, and to keep your premiums manageable, consider this:
Landlord Liable for Condition of Rental Property
As a landlord, you are responsible for the safety of your tenants and their guests. This requires keeping the
property in good working order.
Frequently inspect walkways and staircases for wear, and repair them immediately – your top priority. One good rule of thumb: make sure all repairs are done to code.
Even where the property is not dangerous to the eye,