Property Managers as Additionally Insured vs Interested Party

[Ernesto Gutierrez]

Hi BP,

Just bought my first rental property (3units) in Bakersfield. I'm with a major insurance company and been asked to add the PM I'm working with to the insurance policy as an additionally insured party. Ins company is saying no b/c they [PM] is not on the deed trust and they have not financial interest in the property.

The PM has been added as an additional interested party but this doesn't seem to satisfy the PM's request.

I'm confirming with the PM if they have their own business insurance with an errors & omissions rider - they said yes but I'm verifying.

I'm curious if anyone else is having this issue and what steps they took to resolve.

[Ernesto Gutierrez]

So follow up on my insurance endeavor.

No longer using the big insurance company.

Went with a local agent and received the following:

• home ins on my primary residence @ 300-400 price reduction
• home ins on my rental (3unit) @ 200-300 price reduction
• I'm getting 80-90% back from my prepaid insurance premiums on both properties
• put all my autos (wife's, mom's and mine) @ increase of 200 (oh well)
• also, got umbrella ins so #dontsuemebro

Net Savings of ... $300 / year on the low end.