Protecting Yourself and Your Property with Tenant Discrimination Liability Insurance December 7, 2022
As a property owner, you want to ensure that your property is protected and that your tenants are safe. You likely already have a general liability insurance policy in place to protect you from the common risks associated with owning a property. Unfortunately, this type of policy does not cover you in the event of a discrimination, harassment, or wrongful eviction lawsuit. That’s where tenant discrimination liability insurance comes into play.
Let’s explore why it’s so important for property owners to have this coverage in place.
What’s Tenant Discrimination Liability Insurance?
Tenant discrimination liability insurance provides financial protection for landlords and other types of property owners in the event of a tenant discrimination suit. This type of coverage helps protect you against claims related to sexual harassment, racial or religious discrimination, failure to provide reasonable accommodations for disabled tenants, or any other form of discrimination that violates fair housing laws. It also covers any legal defense costs associated with the claim as well as damages awarded by the court if the landlord is found liable. In short, it offers an extra layer of protection beyond what your general liability insurance policy can provide.
Why Do Property Owners Need Tenant Discrimination Liability Insurance?
In today’s society, it only takes one disgruntled tenant to file a lawsuit alleging unfair treatment or unlawful discrimination. Even if these allegations turn out to be completely baseless, they can still cost thousands of dollars in legal fees and court costs alone—not to mention any potential damages awarded by the court if you are found liable for violating fair housing laws. Without tenant discrimination liability insurance coverage in place, those costs would come straight out of your pocket—which could potentially put you at risk for bankruptcy or foreclosure if you don’t have enough money saved up to cover them.
Having tenant discrimination liability insurance gives property owners peace of mind knowing that they’re protected from these types of costly lawsuits and can rest easy knowing their assets are secure even if things don’t go their way in court. It also ensures that tenants who feel they have been discriminated against will get their day in court without fear that they won’t be able to afford the legal costs associated with their case—which is something all landlords should strive for regardless of whether they need this type of insurance coverage or not!
For more details on lanlord insurance Georgia, refer to our blog.
No matter how carefully you manage your rental properties and tenants, there’s always the risk that someone may file a claim alleging some form of unlawful discrimination or harassment against you as a landlord. If this happens and you’re found liable for damages, having tenant discrimination liability insurance can provide much-needed financial protection and help keep your business afloat during a difficult time. So don’t wait until it’s too late—get insured today!
To further avoid these costly issues, here’s our list of the best states for landlords.