PropertyInsurance.RPM101.com - OwnerInsurance.RPM101.com
ARTICLE: 9 Types of Must-Have Insurance for Landlords—Including Renters’ Insurance
COUNT: # Properties w/o Active Insurance
- Export Property Directory: Actions > Export CSV
- Upload to Property Insurance Audit Folder
- Open CSV and enter this code in cell G1 =countifs(C2:C,"<>",D2:D,"")+countif(D2,"<"&Today())
OWNER INSURANCE
Property Insurance Verification Process
- After the PMA is signed, the Owner Signs Insurance Authorization (IA) Form that (Housekeeping Document - See HelloSign Link Template PMA Housekeeping Documents for Owner Signature).
- The IA is sent to the Insurance Agency during the Onboarding Process with a request for a copy of the Dec Page.
- The Property is added to the InsuranceDashboard.RPM101.com for tracking the Policy Expiration Date and our Next Action date.
- We call the Insurance Agency requesting a copy of the Dec Page. We can email as well. See Zendesk Macros
- If the Insurance Agency does not provide us a Dec Page within 2 business days, we contact the Owner and request they provide us a copy of the Dec Page or request the Owner contact the Agency and request they add us as additional insured or additional interest and send us a Dec Page.
- PRO TIP: If the Owner has a paper copy of the Dec Page in hand, ask if they can take a picture with their phone and reply back to the Text we'll send them from Appfolio.
- If the Owner does not provide us a copy of the Dec Page within 2 business days, we notify the Owner that we cannot manage the property. See Template Letter - NLM - RPM Terminates Management for Uninsured Properties.
LANDLORD LIABILITY INSURANCE:
The Owner agrees to carry, at the Owner’s own expense, Landlord Liability Insurance in sufficient amounts to protect the interest of parties hereto, which policies shall so be written to protect the Agent in the same manner and to the same extent as the Owner. The Owner agrees to name the Agent as an “additional insured” on its liability policy, and furnish the Agent with certificates evidencing such insurance within ten days of the execution of this Agreement. Said insurance policy for the Property must include coverage for an amount equal to the reasonable replacement cost of the Property’s improvements and that contains endorsements which contemplate the leasing of the Property with vacancies between lease terms. In no event will such liability coverage be less than five hundred thousand dollars in value. Said policies shall provide that notice of default or cancellation shall be sent to the Agent as well as to the Owner, and shall require a minimum of ten days’ written notice to the Agent before any cancellation of or changes to said policies. The Owner agrees to indemnify the Agent for any damages suffered as a result of any lapse in or failure by the Owner to maintain insurance coverage.