Renting out a Townhouse - Insurance?

[stealth]

So I have a townhouse rented out, to a family.

Do I need to have insurance for everything inside the townhouse or is that their problem, as it is their values and belonging?

[Weapon_R]

Contents are the tenant's problem, not yours.

[HondaKid]

Every townhouse I have rented in Calgary required proof of insurance (photocopy) for the landlord. Any tenant not having insurance might be a problem tenant, after all it is under $20 a month.

[Speed_69]

You only need to insure your own property which is basically your appliances (Fridge, Stove, Washer/Dryer, etc..)

[Masked Bandit]

Your tenants take care of their own belongings but you need to have the place insured for your stuff (appliances) AND LIABILITY. With a rented dwelling you can also have coverage for malicious damage done by tenants. Coverage will be dirt cheap. It's added as an part of your primary residence. A rental condo is usually somewhere around $150 a year.

As a landlord it would also be prudent to make it mandatory for your tenants to have their own tenant insurance (goes back to liability issues).

[Feruk]

I'm a tenant and as part of my contract I am theoretically "required" to purchase insurance for my own crap. Never done it, never will. The landlord is liable for any of my stuff.

[Masked Bandit]

Originally posted by Feruk
I'm a tenant and as part of my contract I am theoretically "required" to purchase insurance for my own crap. Never done it, never will. The landlord is liable for any of my stuff.

Ummm, no. How do you figure that?

[guessboi]

^ +1. lol about landlord liable for any of your stuff.

A smart landlord will require proof of tenants insurance by their renters though, for liability purposes.

[stealth]

So explain to me why would I want proof that they have insurance?

I don't care if they insure their belongings...

[Amysicle]

I may be wrong but I think there's a liability portion included in the tenant's insurance, so if they destroy their landlord's home like burning it down by accident, the landlord's insurance has the option of going after the tenant, or possibly the tenant's insurance company?

Can anyone confirm or tell us how it works?

But as far as I can tell, the landlord isn't responsible for their tenant's belongings.

[zairaong]

as far as i know, you need to insure your own stuff/properties
for the liability purposes..

[thepyrofish]

Originally posted by Amysicle
I may be wrong but I think there's a liability portion included in the tenant's insurance, so if they destroy their landlord's home like burning it down by accident, the landlord's insurance has the option of going after the tenant, or possibly the tenant's insurance company?

Can anyone confirm or tell us how it works?

But as far as I can tell, the landlord isn't responsible for their tenant's belongings.

This is right. I live in a townhouse and we are required to hold liability insurance (minimum a million I think) on the unit in case the place gets destroyed somehow. The liability insurance is a part of the policy we hold for the contents, and total it's under $200 per year.

[Zero102]

We have a rental property in BC, one of the terms in our agreement is that the tenant holds a valid insurance policy with a liability limit of at least $1m. This helps in 2 ways:
1) A tenant who is responsible enough to get insurance is less likely to trash your stuff
2) If you have mis-judged your tenant you have the insurance information to simply pursue their insurance company for the damages they caused.

I required them to hold a policy which provides me with a method of recourse for any intentional damage caused by them. I don't know if all tenant policies which include liability will cover this, but when I read theirs (I have a full copy of their policy) it states that the insurance covers damage to the property done by the tenants.

[Dilmah]

Originally posted by Feruk
I'm a tenant and as part of my contract I am theoretically "required" to purchase insurance for my own crap. Never done it, never will. The landlord is liable for any of my stuff.

Please explain this, I want to hear the thought process on this one.

Oh wait! By landlord do you mean your mother?

[rob the knob]

Originally posted by Zero102
We have a rental property in BC, one of the terms in our agreement is that the tenant holds a valid insurance policy with a liability limit of at least $1m. This helps in 2 ways:
1) A tenant who is responsible enough to get insurance is less likely to trash your stuff
2) If you have mis-judged your tenant you have the insurance information to simply pursue their insurance company for the damages they caused.


Originally posted by Zero102
I required them to hold a policy which provides me with a method of recourse for any intentional damage caused by them. I don't know if all tenant policies which include liability will cover this, but when I read theirs (I have a full copy of their policy) it states that the insurance covers damage to the property done by the tenants. [/B]

if the tenant trashes your house, his tenats insurance isnt going to cover it and neither is your insurance unless you had special coverage which is pretty expensive.
unless your talking about something else its not prety clear in yoru post

[yellowsnow]

So I have a question.

I am renting out my house fully furnished. I want to insure my stuff in case they damage my stuff which costs more than their DD.

I insure all my stuff with my own insurance company... and do they get renter's insurance? What's the best way to protect myself and my stuff from potential damages?


THANKS

[JohnnyBlaze]

Originally posted by yellowsnow
So I have a question.

I am renting out my house fully furnished. I want to insure my stuff in case they damage my stuff which costs more than their DD.

I insure all my stuff with my own insurance company... and do they get renter's insurance? What's the best way to protect myself and my stuff from potential damages?


THANKS

That's exactly how you would do it. You would insure your property as a rental and get your renters to get tenant insurance.

[yellowsnow]

Which company do you use for insurance? I talked to meloche monnex, and they want to double my premiums, as well as reduce my coverage in order to put rental insurance on my home!

Is that normal?? That sounds pretty ridculous to me.

[Kloubek]

Keep in mind that most townhouse complexes have a global insurance for the structure itself. Chances are, any insurance you would get is for the the interior and appliances only.

[Xtrema]

Originally posted by Feruk
I'm a tenant and as part of my contract I am theoretically "required" to purchase insurance for my own crap. Never done it, never will. The landlord is liable for any of my stuff.

:facepalm:

Multi-family (condos, townhouse) usually include fire and liability insurance in the condo fee. That only covers if somebody tripped on a sidewalk or rebuild of units after fire.

Landlord insurance that cover the appliances inside. But for single house, it will cost more because you'll have to add fire and liability coverage (some would let you merge liability coverage with your primary residence).

Tenant insurance cover the renter's content. Landlord may choose to cover this but 99% doesn't because landlord will never know how much stuff will tenant be storing in the property. Check your lease agreement on who should be responsible.

Tenant insurance was one of the talking points after that major Millrise fire. Most don't buy it and lost everything.