renter insurance

[lincolnshire]

Hi,
What type of insurance is required, by the tenant, when taking possession?
A landlord would have buildings and some contents, so would contents/ fire and theft be what they require?

 

[SamEfford]

I stipulate in my lease that the tenant is required to have sufficient Tenants Insurance and a copy of the insurance is due within 30 days of tenancy.

For my own insurnace, I have a commercial insurance policy on each property which covers replacement and loss of income. There is a small percentage of the insured amount included for chattels (applicances, window coverings, etc.).

 

[mrlaframboise]

QUOTE (SamEfford @ Feb 8 2008, 10:25 AM) I stipulate in my lease that the tenant is required to have sufficient Tenants Insurance and a copy of the insurance is due within 30 days of tenancy.

For my own insurnace, I have a commercial insurance policy on each property which covers replacement and loss of income. There is a small percentage of the insured amount included for chattels (applicances, window coverings, etc.).

Hi Sam,

Tenant insurance is an issue that keeps popping up in my area.
None of the tenants in my newly acquired 5 plex in Ottawa have insurance.
As a new onwer how can I enforce that they have insurance?

If the tenant does not get insurance can you evict him?
If the tenant provides a copy of insurance and cancels the policy a few weeks later...what can you do?

Thanks -Marc

 

[SamEfford]

There is nothing you can do about them cancelling their insurance, however it does enusre that they understood they are responsible for their own insurance and if anything were to happen, they cannot come back to you looking for damages.

I am not sure about Ontario landlord and tenant laws to answer your questions about enforcing and eviction. Maybe someone who is more familiar with Ontario law can help.

 

[mrlaframboise]

QUOTE (SamEfford @ Feb 9 2008, 04:25 PM) There is nothing you can do about them cancelling their insurance, however it does enusre that they understood they are responsible for their own insurance and if anything were to happen, they cannot come back to you looking for damages.

I am not sure about Ontario landlord and tenant laws to answer your questions about enforcing and eviction. Maybe someone who is more familiar with Ontario law can help.

Thanks Sam... I guess I may have to address the evection issue with the Ontario LTB. Since I also own properties in Alberta, I ambe intersted in finding out if in Alberta you can evict a tenant for not getting or keeping renters insurance.

Thanks -Marc

 

[rico67]

QUOTE (lincolnshire @ Feb 7 2008, 11:17 PM) Hi,
What type of insurance is required, by the tenant, when taking possession?
A landlord would have buildings and some contents, so would contents/ fire and theft be what they require?

Hi ,
Yes You should get the tenants to get tenants insurance , with a mimmum of $1 mill third party liability
especially, if it is a condo as the tenant may cause water damage to other suites and you as the landlord you may be liable , also what you should do is have the tenants insurance broker issue you the landlord a proper insurance certificate with you on as certificate holder ,and get it updated regularly this will allways confirm insurance is still in force as this has to be issued by a licenced insurance broker .


Regards,
Riccardo
Licenced Insurance Broker specialing in realestate investors