While most homeowners insurance have coverage for liability, things like somebody twisting an ankle on the ice the homeowner failed to salt and scrape away, thats not adequate for a landlord. Using your example, if all it took was a shyster and crook, you would be out of business anyway if they could take your buildings. The fact remains, if you are much of a landlord, you need a general liability insurance policy. What a landlord dont need is casualty insurance. Landlords dont make claims anyway so why have it? Want to know what happens after the second or third "my tenant flooded the house" claim? Ya, you get dropped. If you are super lucky, you get trippled. $900 a year insurance jumps to $3000. So if a landlord cant claim unless the house burns to the ground, its of limited use. Thats where self insurance pops up.
Say you have 10 rentals, typical small house, not perfect but OK rentals. While you can grab them for 25-35,ooo around here, value them at about $50,000. Insurance on those run about $700 a year... times 10... $7000 a year and the only thing you can use if for is basically a total loss situation, if you use if for more than that, you are looking at about $20,000 a year.
So self insure and pocket the $7000 and hope some moron dont burn one of the shacks down before the 7.14 years it takes to buy a whole new shack. Is it a gamble? Of course. Is it worth the risk? Of course. Its a risk you have to take or you are just sending your insurance agents kids to Harvard while yours have to get jobs at McD's. Like I said though, too many people are conditioned to think they need insurance so they can make someone else pay when a loss occurs.
Seek out a good insurance agent and run things past your accountant, they will be able to tell you when its time to pull the pin and start self insuring.
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Today's Featured Article - Harvestin Corn in Southern Wisconsin: The Early Years - by Pat Browning. In this area of Wisconsin, most crops are raised to support livestock production or dairy herds in various forms. Corn products were harvested for grain, and for ensilage (we always just called it 'silage'). Silo Filling Time On dairy farms back in the 30's and into the first half of the 40's, making of corn silage was done with horses pulling a corn binder producing tied bundles of fresh, sweet-smelling corn plants, nice green leaves with ear; the
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