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Rebecca Nieves
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What do you need for protection

Rebecca Nieves
Posted Mar 17 2024, 06:37

Hello, Leaving my primary home to my new primary home. What do I need to have in place besides LLC, landlord policy, and rental agreement? Thank you

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William Sing
  • Real Estate Agent
  • Portland, OR
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William Sing
  • Real Estate Agent
  • Portland, OR
Replied Mar 19 2024, 05:46

Congrats on taking that next step! I'd add some sort of umbrella policy for insurance. Usually they have a million dollar policy that can help cover the gaps liability wise. Not sure if this is a part of the landlord policy but good tenant screening would be a big part too. This is a good podcast that goes over this a bit more in depth - Search "LLCs for Rental Properties & Bulletproof Asset Protection" if the video isn't popping up

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Brandon Lawrence
Pro Member
  • Property Manager
  • Greenville, SC
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Brandon Lawrence
Pro Member
  • Property Manager
  • Greenville, SC
Replied Mar 21 2024, 06:36
Quote from @Rebecca Nieves:

Hello, Leaving my primary home to my new primary home. What do I need to have in place besides LLC, landlord policy, and rental agreement? Thank you

@Rebecca Nieves I agree with @William Sing that having a umbrella policy and a tenant acceptance policy is a good idea. In addition, in our lease agreements we require tenants to
obtain renters insurance for theirs and our protection. 

  1. Umbrella Insurance: An umbrella insurance policy provides an extra layer of liability protection beyond the limits of your landlord insurance policy. It can help safeguard your personal assets in the event of a lawsuit or liability claim that exceeds the coverage limits of your primary insurance policies.
  2. Tenant Acceptance Policy: Implementing a thorough tenant acceptance policy is crucial for selecting reliable tenants who are likely to pay rent on time, maintain the property, and adhere to lease terms. This policy should outline your criteria for tenant screening, including credit checks, rental history, employment verification, and background checks.
  3. Renters Insurance: Renters insurance provides financial protection for tenants' personal belongings and liability coverage in the event of accidents or damage within the rental unit. Encouraging tenants to carry renters insurance not only helps safeguard their belongings but also reduces the likelihood of disputes or claims against the landlord's insurance policy.
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