RentWise Property Management

TENANT PORTAL
OWNER PORTAL
MAINTENANCE
(208) 949-3083

RentWise Property Management Facebook   RentWise Property Management Google My Business    Rentwise Property Management Yelp

  • Home
  • About Us
    • Testimonials
  • Property Management
    • What Will My Property Rent For?
    • Property Management
    • Our Technology
    • Tenant Screening
    • Why Hire a Professional Management Company?
    • Eviction Protection Program
    • Rent Assurance Program
    • How to cancel services with another Property Manager
  • Owners
    • Portal & Resources
    • Owner FAQ
    • COVID-19 Updates
  • Tenants
    • Tenant Resources
    • Tenant Portal
    • Submit a Maintenance Request
    • COVID-19 Updates and Resources
    • Application Processing Policies and Procedures
    • Security Deposit Dispute Form
  • Agent Referral
  • Available Properties
    • Search Homes for Rent
    • Parkway Apartments
  • Blog
  • Areas We Serve
    • Boise
    • Caldwell
    • Eagle
    • Kuna
    • Meridian
    • Middleton
    • Nampa
    • Star
  • Contact Us
    • COVID-19 Updates

The importance and types of insurance for property management and vendors.

August 4, 2021

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.

 

 

 

 

Filed Under: Insurance, Investment Property, Maintenance, Property Investment, Property Management, Rental Properties, Uncategorized Tagged With: boise, caldwell, eagle, home, homes, inspection, investing, investment, investment management, investment property, kuna, management, meridian, middleton, nampa, property managment, rental, treasure valley

What is my property worth

    Inquire About Our Services


    Our Location:

    RentWise Property Management
    925 N Main St. (drop box only)
    Meridian, ID 83642

    Mailing Address:
    P O Box 191208
    Boise ID 83719

    Contact Us:

    Office: (208) 949-3083
    Fax: (208) 953-7870
    E: office@rentwisepm.com

    Equal Housing Opportunitiy   RMP NARPM   NARPM   Meridian Chamber of Commerce Logo
    Copyright © 2023 RentWise Property Management
    All Rights Reserved · Privacy Policy Boise · Meridian · Eagle · Kuna · Star · Nampa · Caldwell · Middleton
    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.