Property Management Insurance Rates
How Much Is Insurance for Property Managers?
Every property manager's job is different: some take care of vacation homes, others collect rent and manage problematic tenants, and some handle building maintenance. With so much on-the-job variation, it's important to get small business insurance that is specially designed for your work.
Whether you need General Liability for lawsuits about property damage or E&O Insurance to protect you from a lawsuit if an owner thinks you've been derelict in your duties, insureon's agents customize your small business insurance to fit your needs. Below, we've compiled business insurance quotes that show what the typical property management business pays for coverage.
Note: These insurance quotes are only estimates. Premiums can vary.
HOW MUCH IS
How Much Is Errors and Omissions Insurance for Property Managers?
Errors and Omissions Insurance (also known as Professional Liability Insurance) may help cover lawsuits when clients and property owners sue you over the quality and execution of your work. In short, if you mess something up, E&O may cover your legal bills.
Say you manage a vacation home in northern Wisconsin. If a particularly hard winter damages the roof, the owner could sue alleging negligence of your duties. Similarly, if you misfile property taxes, lose a tenant, or mishandle other property management responsibilities, E&O Insurance may offer protection from the cost of the lawsuit.
To see how the cost of Errors and Omissions Insurance for property managers compares with other industries, visit Insureon's Professional Liability Insurance Cost Analysis .
HOW MUCH IS
General Liability Insurance?
How Much Is General Liability Insurance for Property Managers?
General Liability Insurance may cover your property management business's legal costs when third parties sue you over injuries, property damage, or damage to their reputation. General Liability lawsuits can happen any time.
Say a repairman alleges you disparaged his work on an online forum and tarnished his reputation, so he slaps you with a libel lawsuit. With GL coverage, your insurer may pay for your lawyers' fees, miscellaneous legal costs, and a settlement or judgment (the monetary award you owe if you lose a lawsuit).
The typical General Liability Insurance policy for property managers costs between $350 and $700, slightly less than average for small real estate firms in general.
To see how the cost of General Liability Insurance for property managers compares with other industries, visit Insureon's General Liability Insurance Cost Analysis .
Free Insurance Quotes for Property Managers
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