Landlord Policy covering Tenants Property - Posted by Twinkie

Posted by ken in sc on December 18, 2001 at 07:27:46:

YOUR policy cannot cover THEIR contents. It does not work that way. I reccommend to my tenants that they get their own tenant policy for their stuff. It is pretty cheap.

As far as your payment, it is hard to tell if it is high as rates differ from area to area and of course we don’t know the size of your house.

Ken

Landlord Policy covering Tenants Property - Posted by Twinkie

Posted by Twinkie on December 18, 2001 at 07:00:05:

Hi…
Does anybody know where I should go to get an inexpensive comprehensive policy which will cover my dwelling against most perils as well as the tenants personal property until he refinances my loan? My landlord policy is $519.00 per year and this doesn’t cover any personal property. I think that is very expensive. Any suggestions?
…Twinkie

Re: Landlord Policy covering Tenants Property - Posted by Frank Chin

Posted by Frank Chin on December 18, 2001 at 08:55:37:

Hi Twinkie:

We had discussion of this from time to time and there was a thread on it recently in the legal forum which started as a discussion on “hold harmless” and turned into one on “tenant insurance” discussion. The thread is:

http://www.creonline.com/legal/wwwboard7/messages/4900.html

Because rents for 2BR apts in New York City has reached over $1,200/month now, I’m going to start “offering to pay” for my tenant’s policies. They’ll have to apply for it, but I’ll pay for it.

It only comes to $200 to $300 per year, and I can sleep a lot easier. It comes out to $20.00/month per apartment.

Frank Chin

Re: Landlord Policy covering Tenants Property - Posted by TRandle

Posted by TRandle on December 18, 2001 at 07:39:13:

Twinkie,
As Ken mentioned, you don’t have an insurable interest in your tenant’s property and you didn’t provide enough details regarding your policy for anyone to have any opinions or comments on it.

I require our tenant’s to obtain renter’s insurance. They can choose how much personal property coverage they want, but they have to have at least 300k in personal liability coverage on the policy. Most of our folks were able to obtain it for between $8 to $12 per month with some comparison shopping. They did receive quotes as high as $30 or $40 per month, which is ridiculous.

As far as dwelling (landlord) policies go, be thankful you’re not in Texas, assuming you aren’t. A year ago we used to be able to get a full replacement policy which included lost income on a 125k house for about $520. Now, due to abundant mold claims, those “full coverage” type policies are extremely difficult to find and they run closer to $1,000.

Hope that helps…