Do any policies for landlords include the contents from the renters in the policy?
2007-09-17 06:48:19 · 9 answers · asked by albinoblu 1 in Business & Finance ➔ Insurance
No they don't because you can't insure something you don't own. A landlord policy will insure your building, your liability and your contents (such as appliances or maybe a mower you have there to take care of the lawn). That is it, it is up to the tenants to provide coverage for their belongings & their liability. Many landlords require that their tenants carry liability insurance & put it in the lease. This protects not only the tenant, it also puts a buffer for your insurance since if the tenant does something wrong (leaves something in the yard that can be tripped on) & someone gets injured to to THEIR negligence, both of you would be sued but their insurance would be primary since they were the cause of the injury. I always tell my insureds to have $500,000 liability & a personal umbrella too if they have assets to protect. A rental property is an asset that could be taken in a lawsuit.
2007-09-17 11:18:25 · answer #1 · answered by Sue 6 · 0⤊ 0⤋
Nope, that is not the property of the landlord so why should he get paid for the losses? The only property inside the apartment that would be covered under a commercial policy would be items that were provided by the owner of the building such as the stove, fridge, etc.
A tenant policy can be obtained by each renter that will cover their own contents and is actually pretty cheap.
2007-09-20 09:13:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No. Never.
The TENANT has to purchase a RENTER'S policy to cover their own stuff. The landlord's policy pays THE LANDLORD. The tenant's policy pays the tenant.
And most leases specify that the tenant must carry renters coverage, and that the landlord is not responsible for any "stuff".
2007-09-17 09:57:12 · answer #3 · answered by Anonymous 7 · 1⤊ 0⤋
A landlord policy can include contents, but only for the policyholder. Some contents would include furnishings provided by the landlord, refridgerators, stoves, etc. They are not covering anything owned by the tennant. Sorry charlie, you gotta get your own renters policy for that (they are inexpensive).
2007-09-19 10:29:47 · answer #4 · answered by njunprincess 4 · 0⤊ 0⤋
No, only the lanlords fixtures and fittings can be covered by the landlords policy. One of ther basic principles in insurance is called "Insurable Interest" - this means that a person can only insure something that he has an actual financial insterest in. His tenants own contents are the insurable interest of the tenant. If the tenants stuff is damaged or stolen it will not be of any financial deteriment to the landlord.
2007-09-20 03:29:43 · answer #5 · answered by Kickinkitty 3 · 0⤊ 0⤋
No, but renters can obtain their own renter's policies to cover this. It costs about $100 per year, give or take.
2007-09-17 07:17:46 · answer #6 · answered by StephenWeinstein 7 · 1⤊ 0⤋
Not normally, no. The property owners insure the property itself. The renter is assumed to get his own insurance covering his personal property.
It would be madness for the owner to insure all his tenant's belongings. It's not his TV, his couch, his photos of long-dead Uncle Sammy. And what it would do to his premiums and how he would divide that amongst his tenants would be an absolute nightmare.
That's why renters are expected to get their own insurance.
2007-09-17 06:53:58 · answer #7 · answered by Anonymous · 3⤊ 0⤋
I'm a landlord and I wouldn't want to cover my tennants property. That is what renter's insurance is for.
2007-09-19 07:42:36 · answer #8 · answered by Diane M 7 · 0⤊ 0⤋
No, some coverage may be extended to appliances and other things owned by the landlord; stuff owned by the tenant gets no coverage.
2007-09-17 07:04:49 · answer #9 · answered by Anonymous · 0⤊ 0⤋