Member Login
801-487-5619

Register | Forgot password?

Synopsis from 8/30 UAA General Membership Meetings

Posted by paul on August 31st, 2018
Synopsis from 8/30 UAA General Membership Meetings
Topic: Risk Protection: Insurance Vs ownership entities
Landlords have risk and liability. The most common lawsuits against landlords are for floods, fires slip and falls and dog bites. If a tenant or someone wins a judgement against a landlords there are a couple of ways to cover yourself:
Insurance: In addition to regular landlord policies, consider an “Umbrella Policy” that increases your coverages up to $2 million, or whatever you are comfortable with. It would be highly unlikely that a judgement surpassed such high numbers. This insurance is fairly affordable and can give tremendous peace of mind, particularly to those who worry.
Other insurance products you should consider: Flood insurance if in a floodplain. Earthquake insurance. Other types of specialty insurance as needed.
Ownership entities that offer protections: If you own a property in your name and have a judgement against you that exceeds the equity in your property, your personal assets can also be used to satisfy the judgment. To protect your personal assets, there are ownership entities you can put your properties in to provide separation and protection. Corporations, S Corporations, Limited and General partnership are some of these. The most common is the LLC. A series LLC allows you to segment different assets within an LLC, so if a dog bite judgement on one property where there is only $20,000 equity, was $50,000, they could not go after the other assets or your personal assets for the additional $30,000.

Insurance experts, Attorneys and Accountants can give you advice on what is the best protection for your individual case. Consider contacting the following UAA members who specialize in these service. Just click this link here for a list or call the UAA at 801-487-5619.
Topic: Payment Processing Services and Property Management Software.

Rentler presented on some of the co-branded products they offer. Many, including payment processing and property management software, are free to landlords or discounted for UAA members. For more information on these products or services, go to Rentler.com or click this link to email in a question.

To view a video recording of the August 30th presentation, click here.
Categories:

Article Archive

-  2018 (4)
+  2017 (22)
+  2016 (39)
+  2015 (5)

Tag Cloud