For those of you in the property management business it may have occurred to you that you should have some liability protection against any claims that may arise in the many homes/apartments that you manage for often absent property owners. If you have ever tried to have the owner add you as an additional insured to his property policy, you may have encountered some stiff opposition from his/her insurance agent.
This may be the result of an inexperienced agent or, worse, the insured may have NO liability coverage on their property whatsoever. The latter is obviously a major issue that should be resolved with the utmost haste as that kind of uncovered exposure leaves you and your client in the merciless hands of Murphy himself. Many "dwelling policies" have no liability coverage and only protect the property itself, unlike the packaged homeowners policy that most people have on their homes.
The other issue of an uncooperative agent usually just stems from a lack of experience in rental property coverage. I have had countless conversations with property managers lamenting the frustration they are experiencing with one of their client's insurance agents. I have written letters of explaination to other agents in an effort to assist some of them. However, one question always come up- why would you want an agent so inexperienced with your business to be responsible to protect you?
The obvious answer for most is that they don't. My suggestion for most realtors engaged with the investment market is to locate and develop a relationship with an insurance agent familiar with the additional insured needs of property managers and is willing to make calls on your behalf and consult with owners and other agents even if he doesn't get the sale himself.
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