Your Houston Multifamily Insurance Should Cover Swimming Pools, Here’s Why

Swimming Pools Can Greatly Impact Your Houston Multifamily Insurance

You Cannot Assume Your Houston Multifamily Insurance Will Cover All Aspects Of Your Swimming Pool

One aspect of Houston Multifamily Insurance you need to be aware of is swimming pools.   In the hot weather, swimming pools are in high demand, however they can also pose a major liability if you do not utilize the best practices.

Swimming Pools And Houston Multifamily Insurance Liability

The primary aspect of swimming pools and insurance that you need to know is that many of the risks can be mitigated in order to get the best ROI on your multifamily real estate investment.  For example, if Your Property Has a Pool, You Must Ensure That:

  • The pool has a fence of at least 4 feet tall
  • Safety Equipment Is Up-to-Date
  • Flotation Devices Are Available 
  • Pool Rules Must Be Posted (Ex. time)

    These work very well to not only ensure that the pool is properly maintained, but it also works to minimize potential problems before they happen.  For example, if you have rules posted with specific hours, then it is less likely that a  tenant can open up a lawsuit if they use the pool after dark and then suffer some sort of injury.  As a multifamily real estate investor, you want all aspects of your property to be well maintained, especially the pool area.

What Your Houston Multifamily Insurance Should Include

If you do have a pool and you want to make the best use of your Houston Multifamily Insurance policy then you may want to consider liquor liability if your tenants can have alcohol around the pool.  This would also help to minimize potential risks if a tenant suffers an accident while drinking.

The overall key is to make the best use of your Houston Multifamily Insurance policy by alleviating any potential risks associated with swimming pools.

 

Exotic Pet Liability, What Are The Risks?

WITHOUT EXOTIC PET LIABILITY INSURANCE, YOU MAY BE LEFT EXPOSED

WHAT YOU NEED TO KNOW ABOUT AN EXOTIC PET LIABILITY

Are you aware that exotic pet liability insurance can salvage any risks that you, as an investor, can have?  Exotic pets can no doubt be interesting - from tarantulas to chimpanzees and everything in between.

For Texas, the laws can be extremely complex and differ greatly for the type of exotic pet in question.  For example, an individual would need a license when it comes to bears, cougars, chimps, etc. but no license is needed when it comes to owning a wolf or monkey.

However, as a landlord, exotic pet liability can be an even further complex issue when you consider the risk.

What Is An Exotic Pet Liability Insurance?

In essence, Exotic Pet Liability Insurance simply refers to the coverage that is put into place should something happen with the exotic pet.  For example, if the exotic pet gets loose and then injures another resident, you may be at risk.  We have seen this particular instance occur with a black panther who not only got loose, and scared many residents, but actually mauled a small child.  It is not just the tenant that is then held liable, but also the landlord as well.

Do I Need Exotic Pet Liability Insurance?

Not necessarily.  It is possible that you, as a landlord, can simply ban exotic pets from your properties altogether.  This is especially a viable solution if you own a multifamily property.  However, if you do accept that your tenants will potentially have exotic pets on the premise, then you need to ensure that you look into exotic pet liability insurance to help mitigate risks.