Importance of adequate insurance for landlords. We recommend carrying an umbrella policy with at least $1 million in liability coverage in addition to standard homeowners insurance.
Sometimes minor incidents, like a dog bite, can lead to significant lawsuits. Lawsuits can easily exceed the coverage limits of standard policies, leaving landlords personally responsible for substantial financial liabilities.
An umbrella policy may seem expensive, it's a necessary business expense and tax-deductible. We carry a higher coverage limit due to the potential severity of claims.
In essence, the video stresses the importance of proactive insurance coverage to protect landlords from potentially devastating financial consequences.
About The Author
Patrick H. Page - Principal Broker | Licensed in Virginia and the District of Columbia
