Understanding Premises Liability as a Real Estate Investor
As a real estate investor, it is your duty to maintain your property and keep it in a safe condition for tenants and guests. Failure to do so puts you at an increased risk of a third-party injury claim in which your Premises Liability coverage would come into play. Learn more about Premises Liability and the protections it provides in the video below.
Transcript:
As a property owner, you have specific legal responsibilities. Some of which include maintaining the premises, repairing potential hazards promptly, and alerting residents of any dangers. Failure to fulfill these duties can lead to claims of negligence or costly lawsuits.
Imagine a scenario in which a tenant or visitor slips on an icy sidewalk and sustains an injury. If the injured party files a lawsuit against you for bodily injury, you could be responsible for their medical expenses and may be required to pay damages.
That’s where Premises Liability comes in. This coverage protects land and property owners from potential lawsuits and financial losses that may arise from accidents or injuries on your premises. If a claim or lawsuit is filed against you, your insurer may cover court fees, defense costs, medical expenses, or other awarded damages.
While there are many different types of insurance you may carry as a real estate investor, Premises Liability is one coverage you should NEVER go without.