[quote=paramount]In general if a property is managed by a property management company, the actual eviction process (and related costs) is typically covered under a standard management contract.

What isn’t covered is lost rental revenue, possible damages to the house, etc…that’s where Eviction Protection Insurance comes in – it covers those expenses so essentially an eviction is no cost to you as the property owner at all.

I pay $15/month for the insurance.[/quote]
I am a property manager and I have heard of this but not come across it.
Who carries this that you deal with?

I am very curious.

I doubt the eviction insurance will help that much. From my Google search, it is small part of the whole package from the property management company itself. It can’t be sold independently.

Most serious and unpredictable costs resulting from eviction is lost rent and property damage which the insurance doesn’t cover at all. The eviction itself is not too much expense relatively speaking. Some eviction services charge as low as $300 plus court filing fee about $260. If you got default judgment without courting hearing, the cost is small. Once go to trial, the cost adds attorney fee which can be another $300. In generally landlord most likely win if tenants fail to pay rent and all the legal steps are done properly.

[quote=urbanrealtor][quote=paramount]In general if a property is managed by a property management company, the actual eviction process (and related costs) is typically covered under a standard management contract.

What isn’t covered is lost rental revenue, possible damages to the house, etc…that’s where Eviction Protection Insurance comes in – it covers those expenses so essentially an eviction is no cost to you as the property owner at all.

I pay $15/month for the insurance.[/quote]
I am a property manager and I have heard of this but not come across it.
Who carries this that you deal with?

I am very curious.[/quote]

I think there are insurance companies that offer it, but from my experience dealing with management companies they just work the numbers in a way to benefit themselves and make more money off the owners. They calculate how many homes in their portfolio have an eviction in a given year. Figure out the cost associated then divide it by the number of units managed and offer it to everyone with a little extra for themselves. Some of the ones I’ve come across actually have different levels with different monthly rates for more or less coverage in the instance of an eviction.

Say you manage 100 units and charge $15/month as mentioned above. Of course not all of the owners go for it, but if they did that would be 18k a year and would probably cover a couple months of vacancy or a couple tall cans of Coors. Not that all property managers drink Coors…that’s probably just me.