This article discusses the requirement to maintain a landlord homeowner's policy, and to name GTL as additional insured.
Your Exclusive Leasing/Management Agreement with GTL Real Estate includes a requirement for you to maintain a landlord homeowner's insurance policy, and to name GTL as "additional insured" on the policy. This is to ensure that you and GTL are protected in the event of a lawsuit from a tenant, a neighbor, a vendor, etc. These lawsuits can arise from things like injuries on the property, dog bites, etc. And while rare, they can be expensive if you don't have insurance to cover you, so it is very important to make sure that you are properly insured to avoid that expense.
If an owner does not provide GTL with a copy of the policy, or does not list GTL as "additional insured" on the policy, then GTL charges a $15 per month Homeowner's Insurance Risk Mitigation Fee. This fee helps to offset GTL's additional risk in managing your property without assurance that we are properly covered by your policy.
Please note that we would much rather have a copy of your policy showing us as additional insured than charge this nominal fee. As soon as you provide us a copy of your policy showing as covered as additional insured, we will gladly stop charging this fee.
To submit proof of your insurance with GTL named as additional insured, please use this form.