As a property manager, Onerent takes on all the responsibilities as if we are the homeowner. As such, if something were to go wrong, such as a tenant's personal injury on the property, the property manager is usually the target, in place of the owner, of any litigation.
For this reason, we have an indemnification and hold harmless clause in our agreements and require homeowners to add Onerent as an additional insured party on any existing policy for that property. If the management company is properly listed as Additional Insured, the coverage will automatically be extended to both parties as needed.
In the worst of cases, if a major litigation claim takes place, it is likely that both Property Manager and Owner would be named as co-defendants. Having the owner policy extended to both, would create a unified defense, with one insurance company defending both, streamlining the defense process and significantly reducing total legal expenses for all for which the owner (or the insurance company) is ultimately responsible.