Landlord Liability Insurance:

While this home is under management, the Property Owner must maintain a public Landlord Liability Insurance policy that covers losses to a non-owner-occupied rental property.
Contact your insurance agent to update your Homeowner's insurance policy to a Landlord insurance policy.
The policy should include coverage for the reasonable replacement cost of the property's improvements and endorsements indicating awareness by the insurer that the home will be leased to tenants.
It is required for the Owner to name TouchPoint Property Management as an "Additional Insured" party on their Owner's Insurance Policy and provide policy documents to the Broker.

Why does The property owner need to add TouchPoint Property Management as an "Additional Insured" on their Landlord Liability Insurance Policy?

Additional Liability Protection: By adding the property management company as an additional insured, the insurance coverage extends to the property management company. This provides an extra layer of liability protection for the property management company in case of any incidents or claims related to the rental property.
Smooth Communication with Insurance Company: Adding the property management company as an additional insured allows the property management company to communicate directly with the owner's insurance company if necessary. This ensures that there is no delay in the event of a claim or the need to confirm policy compliance.
No Cost to the Owner: Adding the property management company as an additional insured typically does not incur any additional costs for the property owner. It is a way to provide the property management company with liability protection without any financial burden on the owner.
By including the property management company as an additional insured, both the property owner and the property management company can have peace of mind knowing that they are adequately protected and can effectively handle any insurance-related matters that may arise during the management of the rental property.

Regular homeowners insurance is designed to cover owner-occupied properties, where the homeowner resides in the property. It typically provides coverage for the structure, personal belongings, and liability for accidents that may occur on the property.
On the other hand, landlord liability insurance, also known as landlord insurance or landlord property insurance, or Fire Policy, is specifically designed for rental properties. It provides coverage for the unique risks associated with renting out a property.
The main difference between regular homeowners insurance and landlord liability insurance is that landlord insurance includes additional coverage for rental-related risks. This may include coverage for loss of rental income, liability for tenant injuries or property damage, and coverage for legal expenses related to tenant disputes or lawsuits.
Landlord insurance acknowledges that renting out a property introduces additional risks and responsibilities for the property owner. It provides protection beyond what regular homeowners insurance offers, ensuring that landlords are adequately covered for the specific challenges they may face when renting out their property.