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Rentals Insurance

Started by dryships
about 14 years ago
Posts: 21
Member since: Jun 2008
Discussion about
I am seeking an advise from the experts please. I am going to rent my place and currently I have home insurance. The tenant is willing to get a renters insurance also, so do I really need bot insurances for the place or should I cancel my policy?
Response by csn
about 14 years ago
Posts: 450
Member since: Dec 2007

Get Landlord insurance and make sure you get enough liability. You only need to insure the physical apartment not the contents. There is also a possibility that your homeowners insurance will not cover a tenant. Check with them to be sure.

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Response by 300_mercer
about 14 years ago
Posts: 10659
Member since: Feb 2007

Renter's does not cover actual apartment - fire, water damage etc. You need to have owner's insurance.

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Response by nyapts
about 14 years ago
Posts: 7
Member since: Sep 2009

Renters insurance is only a few hundred for the year. Better safe than sorry.

See recent NY Times article:

http://www.nytimes.com/2012/01/29/realestate/getting-started-a-word-to-the-wise-renter-insurance.html

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Response by MarkNakash PRO
about 14 years ago
Posts: 21
Member since: Feb 2009

I agree, it's always best to have home insurance. Should something happen and the tenants insurance does not cover, your good.

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