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Should Landlords be Concerned About Their Tenants Having Renter’s Insurance?
January 11, 2021
Renter's Insurance Protects You and Your Landlord
Here’s what we see as the top three reasons a landlord or apartment building owner should care if their tenants carry renters insurance:
#3: Tenant’s Personal Property: Your tenant's personal belongings are not covered under the building owner's policy. Any loss for which the owner might be partially responsible creates at best a conflict, and at worst a scenario with liability exposure.
#2: Bodily Injury Liability Losses: Depending on the circumstances, both the renter and the building owner can share negligence and liability for injuries to guests on the premises. If the renter does not have insurance, the building owner typically becomes the focus of legal action because they are the “deep pocket”.
#1: Damage to the Building: If the renter is legally responsible for damage to the building, the owner may have the ability to recover from the tenant’s policy.
Insurance is meant to transfer the risk of loss to an insurance company. Spreading and transferring risk between the building owner - and - the tenant benefits both.
Landlords, have your lease require tenants to carry renters insurance with a minimum limit of personal liability coverage. Require tenants to list the lessor as an “ interested third party ”. Doing so will provide the building owner with proof of coverage and notice of cancellations.
Have more questions about renter’s insurance? We LOVE to help! Please feel welcome to call us at 607-324-7500
#3: Tenant’s Personal Property: Your tenant's personal belongings are not covered under the building owner's policy. Any loss for which the owner might be partially responsible creates at best a conflict, and at worst a scenario with liability exposure.
#2: Bodily Injury Liability Losses: Depending on the circumstances, both the renter and the building owner can share negligence and liability for injuries to guests on the premises. If the renter does not have insurance, the building owner typically becomes the focus of legal action because they are the “deep pocket”.
#1: Damage to the Building: If the renter is legally responsible for damage to the building, the owner may have the ability to recover from the tenant’s policy.
Insurance is meant to transfer the risk of loss to an insurance company. Spreading and transferring risk between the building owner - and - the tenant benefits both.
Landlords, have your lease require tenants to carry renters insurance with a minimum limit of personal liability coverage. Require tenants to list the lessor as an “ interested third party ”. Doing so will provide the building owner with proof of coverage and notice of cancellations.
Have more questions about renter’s insurance? We LOVE to help! Please feel welcome to call us at 607-324-7500
This article may have been originally published at Quora.com.
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“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
