Tuesday, October 6, 2009
Another Case For Good Investment Property Insurance
A recent lawsuit, Koepnick v. Kashiwa Fudosan America, Inc. (2009) 173 Cal.App.4th 32, 92 Cal.Rptr.3d 453, is really important to investment property owners when considering their own insurance. In the case, the judge found the building owner 100% responsible for damages to a person who suffered injury within the building elevator. Even though the building elevator was independently contracted out for service, the ruling leaves the burden of responsibility on the shoulders of the property owner.
The bottom line is that YOU, the property owner, are responsible for your property and everything that happens on it; regardless of who you contract it's management to, so take precautions and get appropriate insurance. Good insurance, including personal liability, is very inexpensive especially when considering the potential devastation it can help prevent. In the above case, the damages totalled nearly $6,000,000!
While we can already hear the anti-lawyer murmurs, there is hardly anything one can do about our litigious society other than insure to protect against it. We just wanted to remind you that good property insurance is an important measure that will help to to just that. Please don't skimp! This is not legal or insurance advice, for advice on those, please consult the appropriate professional.