Home Insurance in Las Vegas>Question Details

Steve Gadsby, Home Buyer in Outside U.S.

I'm buying an investment property in Vegas - what type of insurance would I need to get to protect myself from the tenant suing me? Approx cost?

Asked by Steve Gadsby, Outside U.S. Sun Jan 15, 2012

Rough details 100k, SFH. Summerlin area. As a side note I'm also wondering about the cost of Title Insurance? Thanks

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Phillip Scheinman’s answer
SEARCH: http://www.Las-Vegas-Real-Estate-Home.com


Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail:smokey25@cox.net
http://www.Las-Vegas-Real-Estate-Home.com
http://www.PhilScheinman.com
0 votes Thank Flag Link Tue Apr 9, 2013
Steve,

In addition to normal insurance, I always recommend to the people whose property I manage, a $2,000,000 umbrella policy. This provides a greater protection than a normal landlord policy. As I always say, most lawyers sure for millions, not thousands.

Jeffrey Sklar
Broker
Property Manager
2012 Vice Chair GLVAR Property Management Committee
Southern Nevada Property Management
8871 West Flamingo Road Suite 202
Las Vegas, NV 89147
Phone 702-522-6764
Fax 888-203-2779
http://www.WeRentVegas.com
http://www.VegasLeaseOption.com
http://jeffreysklar.las.mlxchange.com
0 votes Thank Flag Link Mon Jan 30, 2012
My insurance premiums thru Farmers on my Investment properties run about $50 a month with a market value of $200,000. Covers all liabilty.


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0 votes Thank Flag Link Sun Jan 15, 2012
I should clarify - for tax purposes I'm planning on owning the property personally instead of through a limited company. My concern is if the tenants hurt themselves on the property and me being personally liable. I of course will have regular house insurance - perhaps this liability is already covered by homeowner insurance?
0 votes Thank Flag Link Sun Jan 15, 2012
Steve,
You can't really project a tenant is going to sue you. It would concern me that you weren't more concerned about insurance to cover the property replacement.
I would find a lawyer that you can run that question by. Cost of title insurance differs between companies and coverage. I recommend expanded coverage. Title is split between buyer and seller...you can always ask the seller to pay your title insurance as part of closing costs. Call a local title company and they can give you a fee scale.
0 votes Thank Flag Link Sun Jan 15, 2012
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