I have many condo town home units which are rented to both families and students. My insurance broker advised me the student rentals must have "commercial" insurance and the family units must be insured as "personal/residential" policies. So if the property is rented to a family and then students or vice versa we are to notify the broker and have new policies issued , with penalties for early cancellation of course. In addition the broker advises me that water damage from a leak(toilet for example being most common) would NOT be covered. So basically paying for liabilty and the extra premium I am paying to increase coverage from basic $10k to $50k is pointless for water damage. My personal experience has been that the risk of water damage from a faulty connection is a landlords greatest risk.Much more likely than a fire or liability claim.
Any one have any advice on this issue?- Specifically is there an insurer that does not descriminate on type of tenant and also would cover water damage from a leaky toilet/sink etc. (read your policies carefully as you may be grossly mistaken re coverage)
Any one have any advice on this issue?- Specifically is there an insurer that does not descriminate on type of tenant and also would cover water damage from a leaky toilet/sink etc. (read your policies carefully as you may be grossly mistaken re coverage)