NV 4.0 hours Property Management - Course Syllabus
4.0 Elective Hours
What type of insurance do I need as a property manager? Risk management is the continuing process to identify, analyze, evaluate, and treat loss exposures and monitor risk control and financial resources to mitigate the adverse effects of loss. Insurance provides a means for property management businesses to mitigate financial loss due to adverse events.
Common types of insurance include liability, property, and worker's compensation. However, property managers might consider the following types of insurance to further protect their businesses. Builders risk insurance covers damage or physical loss to buildings under construction or renovation. Errors and omissions insurance covers claims from clients or tenants regarding mistakes or performance issues. Habitational insurance protects against tenant injury, loss of income, and property damage associated with multi-resident dwellings like apartment buildings and condos. Tenant discrimination insurance provides coverage for claims of discriminatory practices in marketing and renting units. Property managers should consult federal, state, and local laws to determine what types of insurance are required to legally operate their businesses.
Not only does this course discuss what insurance coverages the property manager might need, but it also explains the essential business functions of successful property managers and how to effectively implement them. This course is essential to anyone considering property management.