702-430-7900

Additional Insured

Home » Additional Insured

Please contact your insurance carrier and tell them:
“Please add Limestone Investments as Additional Insured on my policy.”

You will ask for our mailing address: 1620 E Sahara, Las Vegas, NV 89104

It should not cost you any money but is essential if either one of us gets sued. With an additional insured policy,  we would have a joint defense in a lawsuit. This is a requirement for us to manage your property.

Homeowner's Insurance - Standard Coverage

What does Homeowner’s Insurance typically cover?

If your home is damaged by fire or flood, Homeowner’s Insurance will cover those issues. If you have a mortgage, Homeowner’s Insurance is required. There is also liability included in Homeowner’s Insurance and varies a lot. The more coverage you buy, the more it covers. Liability insurance is what covers you if a tenant or guest gets hurt on your property.

TIP for Lowering Your Homeowner’s Insurance Premiums:

We recommend you increase your Homeowner’s Insurance deductible to the highest possible so your insurance premiums are less.

Additional Interest vs Additional Insured

What is “Additional Interest“?

On your Homeowner’s Insurance policy,  You may notice your mortgage holder is listed as additional interest. This means if you stop paying your premium or if you cancel your insurance, they will will get notified. Additional interest doesn’t do Limestone Investments any good in a lawsuit. 

What is “Additional Insured“?

This means if a tenant ever sued us for a “slip & fall”, we would have a joint defense. Unfortunately, this happens so frequently we requrie all our clients to have Limestone Investments additionally insured.

Additional Insured Endorsement - The Definition

Additional Insured Endorsement – The Definition

An Additional Insured Endorsement covers someone other than the policyholder. In this case, that “someone” is Limestone Investments and your property manager. This means if your tenants get injured and file a claim against you or Limestone Investments, we are insured jointly. This happens about once every year by a tenant who claims they were injured in a “Slip and Fall.” It’s annoying and there isn’t much we can do about it. The benefits to you and us is we will have a joint defense against the attack.

What happens if my carrier won't allow additional insured?

We know for a fact that Travelers and Allstate will not add Limestone Investments as additional insured.

Also, most carriers will balk and drag their feet. Here are your options if your carrier is dragging their feet:

  • Contact them again and tell them you will have to switch carriers. This is usually enough to fix it.
  • We have another insurance company that will ride on top of your existing coverage. This costs you only $15 per month.
  • Find another insurance company or find another property management company. A lot of the smaller, new property management companies don’t know they are going to be hit by a bus eventually.

Unfortunately, we have been sued so often we no longer allow owners to run with scissors. I hope you understand.

 

Don't want to switch insurance companies? No problem!!

We have a 3rd party insurance company who’s only purpose in life is to insure property management companies against naughty tenants. This only costs you $15 a month. Simply tell your property manager “Please add SureVestor to my property profile” and we will hook you up!

This service doesn’t require additional contracts and you can quit anytime.

Renter’s Insurance (does not include an Additional Insured endorsement)

Renter’s Insurance – This doesn’t benefit you.

Renter’s Insurance covers the renter’s personal possessions and may offer lodging if something goes really wrong. We make this a requirement for tenants who live below other tenants. That’s because things seem to always go really wrong in rental properties.

Some owners believe this should be a requirement. Since this doesn’t benefit the owner and insurance benefits to the tenant are dubious, we don’t make it a requirement unless they live in a condo.

You will need to ask your homeowner’s insurance company to add an endorsement to your policy that lists Limestone Investments as Additional Insured.

Generally, the Additional Insured request conversation goes in one of two directions:

  1. Confusion with Additional Interest: Your insurance company may offer to add us as an “Additional Interest” At face-value, this might seem like what you’re looking for. But refer to the definitions above. “Additional Interest” is an entirely different category. It doesn’t protect Limestone Investments, your property manager.
  2. Charging a Fee to Add the Additional Insured Endorsement: The insurer may want to charge you a fee to make the change to your policy. Our recommendation is that you either ask them to waive this charge or you will take your business somewhere else. There are many competitive policies out there with no charge to add an Additional Insured endorsement to your homeowner’s insurance policy.

Either way, it’s important that you come out of this process with Limestone Investments added as an Additional Insured endorsement to your policy. This addition closes a critical loophole and ensures that everyone in the home rental system: Tenant, Limestone Investments, and you.

Additional insured is not an option. It is a requirement and we do track it.

We will not manage your property without it.

 

Save Headaches!!

Turn-Key Rental Property Management