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 Posted: Mon Mar 08, 2010 10:17 am Post subject: Home contents insurance - Do the tenants need it too? |
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Being the landlord, will it help me if my tenants get contents insurance? Aren't they covered under my contents insurance?
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PrivateRyan
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| Posted: Tue Mar 09, 2010 9:16 am Post subject: |
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| Your insurance would generally cover any damages done to the structure of your home as well as any fittings within it. So, your insurance is basically meant to cover things that are not removable. It wouldn't cover for things that belong to your tenant. |
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steven
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| Posted: Tue Mar 09, 2010 6:47 pm Post subject: |
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You need to make sure your tenants have renters insurance!!!!!! Read that again!
What if your tenants accidentally cause damage to your home. Do you think your carrier should be left holding the bag for the damage that someone else caused? Do you think you should have to be out your deductible because of this?
Yes, your carrier would still seek recovery directly from the at fault party even if they did not have insurance but I can tell you this... they won't see a dime from a renter. What if your renter does something in the house and injures someone? That injured person may very well hold you responsible as the owner of the property. If the renter caused the injury then their insurance company can also address the situation. |
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tcope
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| Posted: Wed Mar 10, 2010 12:47 am Post subject: |
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| Quote: | | Aren't they covered under my contents insurance? |
as T said NO! and NO! again!
Let's say a theif or vandal gets in damages and steals their personal property...If they have no renters policy, they have nothing..your carrier will not pay a nickle to them...only way their contents are going to have ANY coverage under your policy is if YOU are negligent in some way.
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Lori
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| Posted: Wed Mar 10, 2010 10:02 am Post subject: |
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You'll be amazed to know how some landlords would even reduce the rent amount for their tenants and thus make way for the Tenants' home contents insurance. It's something that's useful for all tenants. Tenants are compensated for their financial losses arising out of any careless act or accident.
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Juanita
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| Posted: Thu Mar 11, 2010 9:08 am Post subject: |
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| Quote: | | It's something that's useful for all tenants. |
Definitely, it covers all losses caused to their belongings as a result of fire or theft/burglary. The tenants are supposed to get their damaged belongings replaced by the insurer. All of the legal costs that they incur as a tenant would also be covered under such coverage.
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sil
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| Posted: Fri Mar 12, 2010 6:47 am Post subject: |
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| There are some additional benefits for you as a tenant if you're able to pay more in terms of your premiums. You might choose to pay a higher premium to get yourself covered for any damage that you may accidentally cause to your landlord's property. In doing so, you're actually passing on your risk to your insurer. The insurer will then pay for such repair bills on your behalf. |
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roddick
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| Posted: Sat Mar 13, 2010 4:24 am Post subject: |
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| If you're a tenant, it would be beneficial if you'd have home emergency coverage. It would cover you for smalls repairs in the absence of your landlord e.g. when the supply of electricity gets disrupted. You'll be at peace to know that there's someone to help you in the hour of need. |
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RupertWBradson
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