Insurance Overview for Rental Properties
Insurance is one of the "big three" expenses alongside mortgage and real estate taxes. If a tenant requests, landlords must disclose insurance details for the property. See MGL Ch 186 Section 21. If you have a claim, insurance can decide the fate of your business.
For instance, did you know that basic policies won't pay to fully rebuild a grandfathered building? Code upgrades -- a sprinkler system, for example -- would be at your expense absent special coverage not automatically included on a standard policy. Are you prepared for any disaster? Whether it's a fire or a lawsuit, you need insurance to protect your assets.
This presentation will give an overview of special considerations that owners familiar with only single family insurance won't know. We will cover basic and advanced considerations:
- Personal vs commercial lines insurance.
- Valuations
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- Replacement Cost.
- Actual Cash Value.
- Co-Insurance.
- Agreed Amount.
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- Ordinance or Law Coverage.
- Risk management strategies
- Deductible structure.
- Hiring a contractor.
- Protective safeguards.
Attendees will leave better prepared to evaluate their existing policies and protect their business going forward.
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MassLandlords offers attendees of directly managed events a "No Sales Pitch" guarantee. If a guest speaker offers services, their presentation will not discuss pricing, promotions, or reasons why you should hire them. We do not permit speakers to pay for or sponsor events. Guest speakers are chosen for their expertise and willingness to present helpful educational content. Your purchase of an event ticket sustains our nonprofit model.
Training Options
This Course may given in-person or virtually and at various times. Make sure the time and venue you pick matches your schedule. It's the same curriculum whichever option you choose.
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