 Posted: Wed Feb 04, 2009 4:08 pm Post subject: Coverage for additional owner personal property. |
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I own a small condo in South Florida that I rent out fully furnished seasonally (4-6 months per year). I have a homeowner's policy through Universal Property & Casualty Company that includes $50,000 for dwelling, $300,000 for liability and $6000.00 of personal property coverage, this is an owner's rental policy. $6000 is the max my insurance company offers on coverage for contents for this type of policy and they do not offer the option to purchase additional personal property coverage. If I had a regular owner's policy the personal property limits would be much higher (enough to cover my actual contents) but I would not be covered for example if my tenants caused a fire, water leak, etc.,not to mention liability issues.
I rent the condo fully furnished (furniture, TVs, other small electronics, fully equipped kitchen with pots/pans/dishes/glassware/utensils/small appliances/regular appliances/decorations/lamps/window treatments/linens/rugs/patio furniture/etc) and $6000 coverage is not enough to fully cover my contents. How do I get a policy to cover my additional personal property while I have tenants in the unit (let's say an additional $14,000 of personal property coverage)? The tenants only have clothing, a laptop computer, books and some other personal items? Can I have my tenants take out a "renter's insurance policy", I would pay the premium, to cover the remainder of my personal property and theirs as well? Since I am the owner and 90%+ of the personal property being covered belongs to me and I would be paying the premium, can I be the only beneficiary/payee on the policy? If so, how would claims be handled? How much would such a policy cost? The unit is on the 4th floor, there is security downstairs from 6:00am to 11:00pm and the lobby doors are locked after hours. The building has a 24hr monitored central fire alarm system. The electrical is all copper wiring in conduit and is up to current code including new electrical panel installed with the permitted renovation of the kitchen. The remainder of the year I live in the unit and switch my policy from a owner's renal policy to a regular owner's policy with higher personal property coverage. |
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rgarcia0228
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Joined: 04 Feb 2009
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