I want to make sure any future renter is covered in the event of a fall/injury.
Can one get immovable-tenant insurance now, for protection in case of the renter who won’t leave?
You need liability insurance, This will protect you against injury sustained by a tenant as a result of your negligence but obviously not a result of the tenant’s negligence. Discuss with your insurance agent.
Thank you Dereknocue67. What if its a legitimate accident, neither party is at fault. Does my liability insurance come into play? Would this type of liability insurance fall under home owners insurance or is it something “additional” I would have to purchase?
(Note: Sorry for these questions and I’ve searched for this on the web but frankly, I don’t know who to believe because every site I visit is trying to sell you/me something, hence this thread. I’ll try and keep any future questions tightly focused on this particular topic.)
Wouldn’t your insurance agent be the best person to ask? Presumably he or she already knows your particular property, your state’s insurance laws, and so on.
I have in the past rented a house I owned, but never thought to change my basic homeowners policy. Don’t take that as advice though; maybe I should have.
You’re going to need to contact an agent in your area who handles both personal and commercial property and casualty insurance to find out exactly what products are available in your state, and which may be required by your specific locality. Most agents don’t mind questions and they’re happy to help.
I can say that, at minimum, you’re going to need fire insurance to protect the dwelling, and you’re also going to want to require that the tenant keep renter’s insurance to cover his possessions in the event of theft or fire or what have you. That said, I don’t think there is a specific type of insurance that you can buy that will cover not-at-fault accidents. Any injuries should be covered by the victim’s health insurance. Some things are impossible to insure against, and accidents are one of them.
Wow! Thanks guys. (I mean that.)
Google “rental property insurance.”
Ya know, I did do that Tom Tildrum but many of the posts were sponsored by Insurance Companies.
We have a ‘rental’ property for the un-launched daughter.
Standard homeowner type policy for the structure & liability ( but not her belongings ). Then we added an Umbrella policy (cheap) equal to our assets to protect from unreasonable lawsuits.
Yep. Most umbrella policies will require that your basic homeowners’ insurance have a slightly larger basic liability - we had to increase ours from 300K to 500K when we got an umbrella policy (due to Dweezil getting his driver’s license :eek:).
Do talk this over with your insurer - they may have different rules for a policy on a place that you are not occupying.
This is true - but an umbrella policy would insure you against tenants who try to make you pay for their accident whether you’re at fault or not.
We have a rental property. We have the standard hazard insurance on the house and so on, but then got, I believe, an umbrella policy for liability reasons. I do know that coverage requirements were different in different states (we’ve done this in 2 states now).
I would check with an agent. If you feel like they’re just selling, then keep looking around until you find one you’re comfortable with.
A property manager can also advise you on these issues. (Possible thread hijack). Many people don’t use them. Our experience as always been it’s worth the monthly cut to avoid the middle of the night calls and, more importantly, to get good tenants. Of course, a good prop manager should thoroughly understand property law in your area and really save your butt with this kind of question and oh so many others.
Good luck.
Also, if you haven’t done so already, contact your local government to see what permits and certificates are required.