Landlord Insurance Requirements

Landlords, please arrange for your insurance agent to change your homeowner’s policy to a “Landlord Liability” policy (a.k.a “Fire & Liability” or “Hazard & Liability” policies) and have a copy of the policy declaration page faxed or mailed to us (your insurer will do this for you if you ask). Please refer to the management agreement (excerpt below) for the recommended amounts of coverage. Remember to name McGrath Real Estate Services on the policy (there should be no charge for this). You are welcome to use whomever you wish, but you must get a minimum of $500,000 in coverage. Contact your insurance provider about 20-30 days prior to your move-out to initiate this process.

Please note: If the house will be vacant more than thirty days, a vacancy/vandalism rider is probably required, please consult your insurance agent for details.

Here is a list of suggested providers clients in the past have used:

  • USAA
  • Travelers
  • Geico

Through McGrath Real Estate’s membership in the National Association of Residential Property Management [NARPM], some insurance companies provide discounted rates to landlords who have a property manager as a member of this NARPM so make sure to ask your provider!

V. The Owner Further Agrees:

  1. To indemnify, defend and hold the Agent harmless from all suits in connection with the Premises and from liability for damage to property and injuries to or death of any employee or other person whosoever, and to carry at his own expense public liability insurance, minimum liability coverage of $500,000 naming the Owner as insured and the Agent as additional insured to protect their interests.
  2. To provide Agent, without demand, a copy or proof of fire and liability insurance policies in force and to maintain said insurance at all times. Coverage for code enforcement, water damage, flood or sewer backup, and rent replacement are also suggested. Owner will provide vandalism coverage for their Premises if vacant for more than 30 days.
  3. To authorize Agent to submit insurance claims on behalf of Owner during the term of management under this contract.