Ron Maurno, Chief Growth Officer at Steadily, reveals how strategic partnerships with Steadily can supercharge your real estate business. Learn how our tailored landlord insurance solutions deliver value to investors, lenders, and property managers alike.  Discover the benefits of partnering with a fast, reliable insurance provider that understands the real estate industry. Whether you're a real estate investor, lender, or property manager, this video is packed with insights to help you grow your business.

We'll start with some quick background on landlord insurance. It typically covers property damage of the rental property itself. It covers liability in the event that something happens to a tenant or a visitor on the property. And it includes additional coverages like loss of rental income, personal property coverage, and others. For a deeper understanding, you can explore these essential questions about landlord insurance.

Importance for Real Estate Investors

If you're a real estate investor, having the right type of coverage could be make or break for your business. A standard homeowner's policy is typically not going to cover losses on a rental property. And if you have the wrong type of coverage or not enough coverage and something happens on the property, like a slip and fall, fire, vandalism, water damage, your business could be at significant risk. And we regularly see claims in the five to six figure range. The only way to make sure you're protected is by having a correctly written landlord insurance policy. Whether you're buying rental property out of state or managing local investments, the right insurance is crucial.

TIP: If you're considering owning a rental property, make sure to evaluate the insurance needs thoroughly.

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Why Lending Companies Need Landlord Insurance

If you're a lender who works with real estate investors, you want to know that your insurance partner can consistently deliver on a few important points. One is providing coverage that meets your underwriting requirements. Another is that they have a broad range of coverage options at competitive rates. And you also want them to be fast and easy to work with. The feedback we get from our lender partners is that by delivering on those things, we help them close more loans and we're protecting their interest in the properties in the event something happens. Drawing parallels between E&O real estate insurance and landlord insurance can highlight the importance of comprehensive coverage.

TIP: Knowing how to handle dealing with a bad property manager can also mitigate risks.

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Importance of Landlord Insurance for Property Management Companies

If you're a property manager, you're likely taking on a lot of responsibility on behalf of the property owner. Things like screening and placing tenants, handling maintenance requests, and collecting rent. Essentially, you're taking on a lot of the risk from the owner. And because of that, you can become the target of litigation in the event something happens. So for your business, it's important that the policy has adequate coverage. A lot of our property manager partners want at least a million dollars in liability coverage, for example. It's important that you, as the property manager, are listed as additional insured on the policy. That way, the liability coverage extends to you. And it's also important that you have clear visibility in tracking as to whether your owners have the right coverage in place on their properties. And our partner program for property managers is designed to do all those things. Learn more about the benefits of hiring a property manager to see how it can streamline your operations.

TIP: Effective strategies from property management tips can help you better manage risks.

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We designed our partner program to be win -win. On one hand, we're solving problems that are unique to your business. For lenders, we're helping you close on loans faster and making sure you're adequately protected. For property managers, we're making sure that you have the right type of coverage and that you're listed as additional insured. At the same time, we're offering a source of revenue to your business by paying a referral fee per each lead that is sent to Steadily. So that's the way we make sure both you and your customers are taken care of. Visit us at steadily.com/partners to learn more.

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