EquityTeam

24/7 Maintenance Line, WO oversight and management from our expert Property Services Managers (former inspectors and craftsmen) who advocate for the property’s best interest, ensure requested work is valid, and that any work performed is done well and at below-market pricing. Industry-leading technology allows us to communicate quickly and easily between Owners/Tenants/Managers/Vendors to make repairs in accordance with Owner’s “not-to-exceed” (NTE) amounts.

GUARANTEES (See terms)

1.   Reduced Repairs Guarantee: Save 10% or more off the retail cost of repair work or we’ll credit you the difference PLUS 10% of the difference amount!

Regular inspections help Owners stay connected to the condition of their property, reduce liability, strengthen Owner’s position in security deposit disputes, and keep maintenance costs down over the long term by catching small problems before they become major repairs.

Everything typically needed for a standard eviction in compliance with state law.

Simplify Tenant utility bill mgmt, and significantly reduce Owner’s utility liability and headaches

Bad things can happen to even the most qualified Tenants. Eliminate concerns about a Tenant damaging your property, bankruptcy, divorce, health issues, job loss, economic variables, malicious damage, theft, and more! EquityTeam’s EXCLUSIVE “Protection Plus” (PP) offers complete peace-of-mind that your investment will continue to produce income.

1.   Up to $35,000 in malicious damage

2.   Up to 12 weeks in loss of rent

3.   Up to $4,000 in eviction costs

4.   And more.

GUARANTEES (See terms)

1.   Property Protection Guarantee: We’ll cover Tenant damages

2.   Rent Protection Guarantee: We’ll cover rent payments

3.   Eviction Protection Guarantee: We’ll cover eviction costs

Identifying rent increase opportunities, and the negotiation and coordination of signing a renewal.

Our comprehensive Lease offers many exclusive benefits to the Owner and Property that are only available while the unit is under ET’s management.

GUARANTEES (See terms)

1.   Strongest Owner/Property advocating Lease the law will allow.

2.   Mandatory Tenant-paid liability coverage protects Owner up to $100k.

3.   Filter replacement program (tenant paid) to ensure HVAC systems are properly maintained.

4.   Flexible payment options electronically or at local retailers.

5.   Utility concierge and account management services keep an eye on Tenant-paid utility balances so they don’t become an Owner problem.

6.   24/7 maintenance with industry-leading technology.

Everything needed to quickly procure the most qualified Tenant for the property; from advertising to lease signing, in complete compliance with federal, state, and local laws.

GUARANTEES (See terms)

1.   12 Month Stay Guarantee: Our Tenant will stay for a minimum of 12 months or we’ll prorate the next Placement accordingly.

2.   21 Day or Less Leasing Signing Guarantee: We’ll find a Tenant for your vacancy within 21 days or we’ll credit the Management Fee until we do.

Rent Collection, Transparent Accounting, ACH Owner Draws, Dedicated Expert Property Manager Primary Point-of-Contact, Strong Tenant Management and Lease Enforcement, Owner-aligned pricing model

GUARANTEES (See terms)

1.   90 Day Satisfaction Guarantee: If either party wants to cancel within the first 90 days, we’ll refund ALL paid Onboarding, and Management Charges.

2.   Pet Damage Guarantee: We’ll cover pet-related damages up to $2000

3.   24 Hour Response Guarantee: We’ll return your call or email within 24 business hours, or we will credit your account $25

4.   Accounting Accuracy Guarantee: If we make an accounting error, we’ll fix it and credit you 10% of the error difference.

Adding Your Property Manager as Additional Insured on Your Insurance Policy

From property upkeep to tenant management, landlords have a considerable amount on their plate. 

To mitigate these risks and ensure seamless operations, many property owners opt for professional property management services. 

However, merely hiring a property manager isn’t always sufficient to shield oneself from potential liabilities.

An often overlooked but crucial step in this process is adding the property manager as an “Additional Insured” on the insurance policy.

But what does “Additional Insured” mean, and why is it important for landlords to take this step? In this blog post, Equity Team will answer these questions for you. Keep reading to learn more!

What Does Additionally Insured Mean?

“Additional Insured” extends the coverage of a homeowner’s insurance policy not only to the property owner but also to the property manager or management company. 

This extension of coverage ensures protection for both parties in the event of a liability claim related to the property. 

It’s important to clarify that designating the property manager as additional insured does not confer a financial interest in the property but rather extends liability coverage to them.

Why Should Landlords Consider Listing Their Property Manager as Additional Insured on Your Insurance Policy?

Mitigates Liability 

    When a property management company is hired, they assume a significant portion of the responsibilities associated with property ownership.

    In the event of incidents such as personal injuries on the premises, the property manager often becomes the primary target of litigation, rather than the owner.

    By including the property manager as additional insured, both parties are covered under the insurance policy, thus reducing the financial burden and streamlining the defense process in case of legal claims.

    Protects Both You and the Property Manager

      Furthermore, having your property manager listed as additional insured is crucial for their protection as well. 

      While property management firms typically carry their own liability insurance, these policies may not cover all aspects related to the property itself, leaving them vulnerable to certain claims. 

      By extending coverage to the property manager through the additional insured endorsement, you provide them with an added layer of protection against potential liabilities associated with the property.

      Avoids Costly Legal Battles

        Failure to secure the additional insured endorsement may leave the property management company to handle claims independently, followed by seeking reimbursement from the property owner, leading to increased expenses and complexities for both parties. 

        By including the property manager as additional insured, a unified defense strategy is created, and legal expenses are reduced for all involved parties.

        Ensures Proper Coverage

          Although the property manager does not hold ownership interest in the home, they assume risk and liability as if they were the homeowner. 

          While property management firms typically carry Errors and Omissions (E&O) insurance and general liability insurance, these policies primarily protect against claims resulting from their negligence and may not cover lawsuits concerning the home itself, unrelated to their negligence.

          Navigating Insurance Company Policies

          In the realm of property ownership and management, lawsuits can arise unexpectedly, and both the property owner and manager are likely to be named in a lawsuit, regardless of fault. 

          As such, it is in the best interest of the owner to have the property manager listed as additional insured. 

          This ensures that coverage is automatically extended to both parties as needed, avoiding the need for the property manager to cover their own legal expenses and seek reimbursement from the property owner, as per the management agreement.

          How Do You Choose the Right Insurance Company?

          While some insurance companies may hesitate to list the property management company as additional insured, citing policy limitations, there are various options available to ensure comprehensive protection.

          Landlords can request their insurance agent to add the management company as additional insured on their current dwelling policy. 

          Alternatively, they may be automatically added to the management company’s master policy for a nominal fee. 

          Additionally, seeking rental property coverage quotes through reliable sources can automatically add the property management company as additional insured, offering peace of mind to both parties in the event of a costly tenant injury lawsuit.

          Key Tips for Setting Up Insurance for Rental Property

          Here are two essential tips for setting up insurance for your rental property:

          1. Clearly communicate to your insurance agent that you want to add the property management firm as “Additional Insured,” not merely as an “Additional Interest.”
          2. Inquire about any additional charges associated with adding the additional insured endorsement to your policy. While some insurers may impose a fee, the overall cost-effectiveness of your policy should be considered.

          Bottom Line

          In conclusion, adding your property manager as additional insured on your insurance policy is a crucial step in mitigating risks associated with rental property ownership. 

          By extending coverage to your property manager, you not only protect yourself but also ensure that your property manager is safeguarded against potential liabilities. 

          This proactive approach not only strengthens your defense in case of legal claims but also fosters a collaborative and mutually beneficial relationship between property owner and manager.

          If you have any questions or concerns about adding your property manager to your insurance policy, contact the experts at Equity Team today!

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