A legal suite of ours has just become available. I am insisting that the next tenants provide their own insurance for their own belongings and that this be a part of the lease agreement. My wife thinks otherwise. This has been a bone of contention for a couple of years now. As a landlord, what could I be liable for and is tenant insurance truly necessary?
Tenant Insurance
- Thread starter tailedger
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- Nov 15, 2010
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Please be sure to ask for an Insurance Binder. This is a letter from the Insurance company confirming that the insurance is current and valid. Part of your due diligence as a Landlord. They can easily hand you an insurance policy that they cancelled and you wouldn't know it was not valid. Asking for a letter from their Insurance company will ensure they are fully insured as per your requirements to rent your unit.
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- Nov 4, 2015
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According to this AB link:
http://www.landlordandtenant.org/leases-and-agreements/proof-of-insurance/
-if your lease requires them to have tenant insurance, then they have to get it (it becomes something the landlord and tenant can discuss together)
http://www.landlordandtenant.org/leases-and-agreements/proof-of-insurance/
-if your lease requires them to have tenant insurance, then they have to get it (it becomes something the landlord and tenant can discuss together)
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- Sep 1, 2010
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I had two floods this year and neither tenant had their own insurance so mine had to cover it. Yes it is an excellent idea as long as you can get the tenant on board vs. having an empty unit.
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To put this in perspective, ~$20,000 in content coverage tenant insurance costs less than a chappa frappa lappa kappa from starbucks for you and a friend each month...
Explain to your tenant that their contents = their coverage. Put it in your lease. & 6-8 week into the lease, request confirmation.
Explain to your tenant that their contents = their coverage. Put it in your lease. & 6-8 week into the lease, request confirmation.
Excellent advice, thanks to all for your input. This should convince the wife that it is in fact a good idea.