Property Manage Insurance for Property Owners

[John Chen]

Hi,Gurus,

Does anyone know that if the property owner manages his own property, does he needs to buy property management insurance?

I was told that the property insurance should cover it, but I am not sure if the tenant sues you for whatever reason that is property management related (such as negligence , discrimination etc), will the insurance company cover it? or you need to purchase property management specific insurance? which is not cheap, I got some quotes about $2K /year for 1M.

Please advise.

Thanks in advance.

John