Insurance

Richmond 2025 Insurance Playbook for Landlords: What to Watch, What to Do

Rising costs, stricter underwriting, and more documentation are shaping landlord insurance decisions across Richmond City. The weather has a voice here, from James River flooding to strong summer storms and occasional winter ice, so carriers are paying closer attention to propert...

Rental Fraud in Richmond, VA: How Common It Is, How It Works, and How to Avoid It

Rental fraud has become a persistent and increasingly sophisticated problem in Richmond, across Central Virginia, and nationwide. What was once limited to obviously fake listings has evolved into a wide range of schemes that exploit competitive housing markets, remote transactio...

The Virginia Smoke Alarm Gray Area: Why § 55.1-1220 Creates Legal Confusion

In Part 1, this series covered why professional property managers install bedroom smoke alarms regardless of legal requirements: insurance carriers expect them, fire safety science proves they work, and the cost-benefit analysis is obvious.Part 2 addresses the question that actua...

Why Every Bedroom Needs a Smoke Alarm: The Insurance and Liability Reality

When a tenant is injured in a residential fire, insurance adjusters do not start by asking whether a property technically complied with the minimum code requirements in effect decades ago.They ask three different questions:Did the property meet current industry standards?What wou...

How Property Management Can Help You Protect Your Investment

According to Steadly, the median rent in Richmond, VA, as of September 2024, was about $1,600. As a landlord, you should always aim higher than this, but it may not be easy.When it comes to investing in real estate, many investors find themselves overwhelmed by the day-to-day res...

The Best Self-Managing Landlord Protections

Top Line: If you're reading this, you're likely a skilled professional. Would you trust a non-specialist to do your job as well as you can? #food4Thought Quick Takeaways:Reduced Vacancies: Skilled property management minimizes vacancies to ensure steady rental income.Bett...

Should Real Estate Investors Place Their Rental Properties in an LLC?

Top Line: For uncomplicated portfolios, robust liability insurance policies may be more suitable. As a real estate investor, one of the most important decisions you’ll make is how to structure your property ownership. Many investors are drawn to the idea of forming a ...

Mitigating Landlord Risk by Adding a Property Manager as Additional Insured

Top Line: Adding your property manager as Additional Insured on your policy is a best-in-class practice that can save an owner thousands of dollars. As a property owner, protecting your assets is paramount. One effective strategy is to hire a professional property manager w...

Umbrella Insurance for Multiple Rental Properties

Umbrella insurance is a valuable tool for real estate investors to mitigate liability risks. This is especially true for those who do not hold their properties under Limited Liability Companies (LLCs) as umbrella policies can provide an extra layer of protection beyond the l...

Why PMI James River Requires Contractors to Name Us as Additional Insured

At PMI James River, we prioritize protecting our clients and their assets as well as our contractor partners. As part of this risk management strategy, we require all contractors to name PMI James River as an Additional Insured on their General Liability insurance polic...