do you guys have liability insurance?

[Mike Wallace]

I am obviously getting regular fire insurance, but what about liability insurance? My lease agreements require my tenants to obtain 300k liability insurance. But does that require common areas? Would if someone slips and falls in the parking lot...am i covered with their insurance?

[Patrick L.]

I think you'd be insane not to have liability coverage on any property you own. Any insurance a tenant has doesn't cover your negligence or liability. I'd give up my property coverage before I gave up my liability coverage......one lawsuit could cost me all of my assets if not covered. I have high liability limits on each property plus an umbrella policy on top of that.