Mandatory Liability Insurance Requirements
RPM requires that each property be covered by $1M of liability insurance with RPM named as an additional insured. This level of coverage is usually beyond the scope of your rental dwelling or homeowner’s policy. Please contact your insurance agent to request this coverage. Proof of owner-carried liability must be provided to RPM within two weeks of signing your management agreement. You may carry this coverage with your own insurance company or RPM can add you to our Umbrella Liability policy. The cost to owner’s for RPM’s umbrella coverage is $150 for single-family dwellings and $210 for duplexes. These quotes are annual premiums.
If you carry the coverage with your own insurance company, please have them provide a declarations page to RPM. The declarations page can be mailed, emailed or faxed to the following:
- RPM, P. O. Box 162745, Austin, TX 78716
- Email to Diann@landlordaustin.com
- Fax to 512-327-3283; Attn: Diann
If you do not provide proof of coverage for this liability insurance requirement, RPM will automatically add you to its umbrella policy. A single-family property is $150/year and a duplex is $210/year.
Due to the high volume of activity on our umbrella policy, RPM’s carrier allows us to submit adds/deletes on a quarterly basis. RPM’s policy period runs April – March. This means your insurance will be prorated according to the time of year you are added or deleted. Actual posting of the liability premiums/credits to your account usually run 3-4 months after the fact since RPM has to wait for the insurance company to process the endorsement.
If you have any questions about this coverage, please email Diann@landlordaustin.com.