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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Jeffery Sklar’s answer
Jeffery Sklar, Agent, Las Vegas, NV
Mon Jan 30, 2012

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
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
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Phil Scheinm…, Agent, Las Vegas, NV
Tue Apr 9, 2013
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
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David Cooper, Agent, Los Angeles, CA
Sun Jan 15, 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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Steve Gadsby, Home Buyer, Outside U.S.
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?
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Andrea Lane…, Agent, omaha, NE
Sun Jan 15, 2012
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.
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