Been Sued?
One of the things I worry about most is being sued. I was just wondering if anyone here has had a tenant sue them for an injury or something. I have 300,000 liability on all my properties but that is not much when it comes to out of control law suits these days.
If it's really worrying you then I'd recommend your spending some time learning about a**et protection, such as use of trust for anonymity and LLC for corp. insulation.
These are techniques used by the pros in the rental business.
Also, check over the forums as I think if there's a Rental or Landlord/tenant forum that's where you'd get lots of specific advice on this.
Call your insurance broker and up your liability policy limit to ten million dollars-- you'll be surprised how little the extra coverage costs and how much better you sleep.
Instead of trying to up your liability policies on your properties, I'd suggest that you check with your insurance agent for an umbrella liability policy. Here in NC, you should be able to get a million dollar policy for $150-200 per year.
Roger