Managing the property of clients can be very rewarding. As professionals, we always have the best interest of our clients in mind. We must also consider many factors, such as awareness of all of the potential risks we may face and how to protect the business. The risks may vary but can include vandalism, theft, legal and/or lawsuit compensation, fire, and so on. Having adequate insurance coverage helps to protect our assets and keeps the business running.
We also require the vendors that we hire to supply insurance. This protects the property owner, property management, the tenant, and of course the vendor. This may include auto liability or a general liability policy. Ensuring that each one of these vendors has adequate coverage in line with their type of business operations is key.
Some examples of insurance for a property manager and vendors include:
Property Management
- Professional Liability Insurance(Sometimes called Errors and Omissions insurance or E&O) The types of claims that fall under professional liability may include:
Tenant Discrimination- a potential or current tenant claims that property wasn’t rented to them or faced harassment based on race, color, religion, sex, sexual orientation, marital status, children, or national origin.
Wrongful Eviction- While the lease is still valid, a tenant believes they were unlawfully evicted. They may sue for damages such as the cost of moving, lost wages, the cost of the replacement lease/deposits, etc.
Property Damage by Error-failure to inspect fire extinguishers and fire caused damage to the property where it could have been prevented with a fire extinguisher. Failure to investigate complaints or maintenance requests(such as noise, pets, pet, plumbing) that may result in further damage to property. - General Liability Insurance-The types of claims that fall under General Liability may include:
Property damage- The example is similar to the Professional Liability claim. Damage was caused to the property whether it be a failure to inspect, investigate or mitigate. It also includes accidentally damaging a tenant’s property during a showing or walk-through.
Resident injury- This includes failure to maintain safe public premises for tenants and guests such as handrails, trip and fall hazards, snow and/or ice removal (depending on the lease contract) electrical hazards, environmental hazards.
Vendor/Contractor
- General Liability Insurance– sometimes called Commercial General Liability Insurance. Two of the main concerns with a General Liability Policy are:
Property Damage– a vendor damages the property while performing a service or maintenance request. This could be accidental or negligence.
Customer or tenant injury– ie: if you tripped over a vendor’s toolbox and needed medical attention.
Commercial Auto Liability- covers property damage or injury caused by a vehicle used on the job.
Our Why
As a property management team, we act on behalf of the owner and treat the investment as if it is our own. We are experts in property management as this is all we do, so rest assured it is our only priority. Learn more here about the benefits of doing business with an experienced, dedicated, team of professionals who take pride in the success and protection of our clients.
Paying rent online has become the norm across the board these days however; the convenience of doing so comes at a cost for most tenants. While we here at Rentwise can’t control what the credit card companies and banks charge we do our best to mitigate any expenses we can. We do not upcharge these fees or charge any other fees related to paying rent online so having options is just one way we try to serve our tenants.
What will my property rent for? The most asked question of any property manager I would venture to guess. (It’s either this or how much do you charge? That is an entirely different blog) Every investment transaction hinges on this factor so you can imagine how important it is to have the most accurate information as possible. We know there are a plethora of resources on the internet to assist any investor in determining what rents could be however, we would caution against making an investment decision based solely on the internet numbers alone.
Self-showing lock boxes became very popular after several agents where attacked and even killed in our industry as well as the real estate industry. Unfortunately this has become something that happens more often than people probably know (or want to know) so we initially started using self-showing boxes for the safety of our staff.
Do you wonder how you can build your credit as a renter? Have you ever heard the saying; you must have credit to build credit? In order to get a loan, you need credit history; however, the only way to build credit history is to take on debt with credit cards and/or loans. What if your one of many who do not want to start off in debt in order to build your credit? Here at RentWise Property Management, we feel the same way! We are excited to say that RentWise Property Management has partnered with Appfolio and Experian RentBureau to report our tenant’s positive rental payment history to their credit without running up unnecessary debt. 
This quarters 