Posted by Todd_OH on March 08, 2002 at 07:39:33:
You DO NEED IT! If you are going to be sued as a landlord, it will likely be a liability lawsuit.
An extra $45/mo. will not seem like much when you have to pay an attorney $200/HOUR to defend a frivolous lawsuit.
Nor will $45/mo. be a factor when your tenant and their legal aid “dream team” of attorneys sue you and win a (legitimate OR frivolous) lawsuit and get awarded $50,000 by the jury filled with tenants.
Insurance is an IMPORTANT cost of doing business. Get the insurance, protect your assets, sleep at night.