Legal Question in Real Estate Law in California

Re: Asset Protection in California

Why won't the insurance cover it? The usual fire/theft/casualty policy should, despite what your agent may tell you. Have an attorney review the policy, and if your tenant asks you for money, or sues you, be sure to turn that claim in to your insurance company. If it turns out the insurance doesn't cover it for some reason, you can have an attorney defend it for you, as a broken leg that heals may not be that big a claim.

As for asset protection, a liability insurance policy and umbrella insurance coverage are always good first steps, as they provide coverage for most types of things you're likely to be sued for as a property owner.

Beyond that, it's generally a crime to transfer property to other people or other entities once liabilities are on the horizon, but once the claim is settled you can explore placing the property into an LLC or corporation to limit your liability.

Re: Asset Protection in California

You need an attorney right away to advise you as to numerous issues. First, I would review your insurance policy and as an attorney, I would see if your insurance should protect you, and demand that they do. Without an attorney, insurance companies do not fear wrongful denial suits. I have dealt with property injuries before and there are some issues there to be careful of. You may contact my office if you would like my help.

Best,

Daniel Bakondi, Esq.

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Re: Asset Protection in California

Yes, hire a competent attorney to handle the case. He can do what is necessary and appropriate. The only thing you can do now is file a homestead declaration to protect some of the equity. Get that done now. If you have homeowner's insurance at all, they should be providing an attorney for you, make sure of your coverage. You could hire and have your own attorney verify the truth. If serious about getting counsel, feel free to contact me.

Re: Asset Protection in California

Everything the other attorneys said is true. If for some reason your insurance policy does not cover you, you might have a claim against your insurance agent as when home owners take out insurance they normally expect to have coverage for people who get injured on their premises.

You do not say how the accident occurred. Perhaps there was no negligence on your part so there is no duty to pay him anything. Talk to the tenant and find out how the accident occurred; if you think he might say something favorable for you, have another person present so tha both of you can testify as to what he said.

Your insurance company must make a coverage investigation upon any claim turned over to them where their might be coverage. Some will be generous and find coverage even when it is possible not to [so they are not hit by a bad faith suit].