Q&A: what are the benefits of requiring tenants to carry “tenant liability insurance?
Question by charlotte q: what are the benefits of requiring tenants to carry "tenant liability insurance?
I own a stock-coop apt. at the beach. Recently I have been renting it out through a qualified realtor. It is a valuable piece of real estate. I have decided to require all my tenants to carry
"tenant liability insurance."
What are the benefits of this?
i actually put it in the lease that the tenant must show proof of the insurance before they move in!
what I am looking for is that is someone like their maid or a houseguest should do a "slip and fall"
that their insurance would pay.
Best answer:
Answer by pat_luey2000
it''s a good idea for everyone to have it, ours sure has paid off and glad we have it, not expensive either and umbrella insurance is also affordable, about a hundred a year.
Add your own answer in the comments!
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June 4th, 2011 - 23:07
Well, minimal benefit to you . . it’s a layer of liabiltiy between someone who’s suing the tenant for something that happens while it’s rented. It’s not like YOU can collect under THEIR liability policy, under most cases.
What’s better is, it’s highly unlikely that they’d carry JUST liability – but also PROPERTY coverage for THEIR property, which is what you REALLY want. Because then if something happens to their property while it’s at your place, they’ll have a place to collect besides suing you.