Why Adding Your Property Manager as "Additional Insured" is a Must-Do

Hey folks, if you're a landlord, you already know insurance is non-negotiable. But did you know adding your property manager as "additional insured" on your policy is equally important? Here's why.

1. Shared Liability

Let's face it, property management is complicated. If something goes south—like an injury on the property—lawsuits could hit not just you, but also your property management company. By adding them as "additional insured," both parties get a liability shield, making any legal mess a bit easier to clean up.

2. Streamlined Communication

Imagine your property suffers damage and needs repairs. If your property manager is listed as "additional insured," they can directly communicate with the insurance company, speeding up the claim process. That’s less red tape for you and faster fixes for your property.

3. Contractual Requirement

Most property management contracts actually require it. It’s standard in the industry. So, to keep things above board and maintain a strong working relationship, it’s a box you’ll want to check off sooner rather than later.

4. It Costs You Nothing (Usually)

Most of the time, adding "additional insured" comes at zero extra cost. So, you get all these benefits without shelling out another dime. Why wouldn't you?

Final Thoughts

Adding your property manager as "additional insured" is a small step that packs a big punch. It protects both you and them, makes life easier, and is generally cost-free. So go ahead, make that call to your insurance agent today. Trust me; it's a call you won't regret.