Property Manager insurance

For once and for all,How much insurance does a property management firm need.What needs to be covered.I just want to be sure I am not over insured or under insured.Thanks for the help.I will sleep better.

Brendan Maughan
Park Management Of The
Hudson Valley LLC

I think the answer to your question depends on how big a company you are, how many properties your company manages and if your company deals with commercial as well as residential property management contracts. First off, you need property insurance (ever one to state the obvious, I know), liability insurance, workers compensation and the other employment issues, as well as (I would hope) health insurance for employees. If you are a Broker/Principal, I would think you would have included an errors and omissions policy, too. I am guessing that your insurance company is trying to get you to buy more policies for things like catastrophy and flood? And finally, will your company build their own communities? I would think you would need special builders policies for that, too. Whether or not you need all this, I am not sure but I do know all of this comes at a price!

Mindy,
Thank-you for your response
Brendan