Posted by River City on October 08, 2003 at 13:56:07:
I know you are trying to be a good landlord, but, when you think about it, what do you care if they lose their personal property? Just serve them notice saying that if they do not carry insurance and there is a fire, flood, etc that their personal belongings are not insured and they will not be eligible to recover damages. At least you have put them on notice. Be sure to keep a copy of your letter.
Renters Insurance not in Rental Agreement - Posted by Sheila
Posted by Sheila on October 02, 2003 at 14:38:21:
I checked your archives and didn’t find anything answering my question for this.
I am renting a house and I didn’t put it in my rental agreement that I want the tenant to get renters insurance. I verbally told the tenant them I am going to make it mandatory for them to get the insurance and that I wanted them to sign a new amended lease.
The tenant said “No” they are not signing anything pertaining to them having to purchase mandatory renters insurance. Do I have to have the tenant sign anything to make them get insurance? Can I just send a letter saying this is the new rule, you have to get insurance?
If I pay for the insurance as stated in one of your archive posts, do I have to have the tenant call the insurance agent to set up the insurance? can I set it up myself?
I’m afraid that if they have to call to set it up then it won’t get done even if I say I am paying for it.
Re: Renters Insurance not in Rental Agreement - Posted by Frank Chin
Posted by Frank Chin on October 02, 2003 at 20:14:40:
Sheila:
Look up the archives under “tenant insurance” and you’ll find quite a bit of discussion on it.
I require it in my lease, and renters who don’t care to buy it can go somewhere else.
My experience had been tenants believe landlords are responsible for anything that happens, one big reason being “you (the landord) have insurance, right?”
I manage a rental for my mother-in-law, and the tenant had a burglary, and insists that she pay for an expensive leather coat. But we said “you’re supposed to buy tenant insurance according to the lease, so you file a claim against your insurer”. What did the tenant say?? “No, I didn’t get it, so now, you pay.”
We didn’t renew the lease on the grounds he violated the lease.
How do you know if your tenant doesn’t keep $100,000 worth of diamonds in his apartment, and your lax security cause it to be stolen?? And some cone-head judge will buy the argument.
Another landlord I know has a tenant who supposedly had a collection of over 100 pairs of designer shoes, which wound up stolen.
Just be forewarned that if you file three claims or less these days, your insurer will drop you, even though its your tenant’s stupidity. With tenant insurance, have the claim filed against the tenant’s insurance so you stay out of trouble with your insurer.
Frank Chin
Renters Insurance not in Rental Agreement - Posted by Bill H
Posted by Bill H on October 02, 2003 at 20:02:16:
Tried to send you a simple rental insurance request form and it came back…bogus e-mail address…unknown.
Re: Not your call - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on October 02, 2003 at 17:04:33:
You can suggest that they buy renters insurance, but you can not make them do it. Renters insurance covers thier property, and if they want to self insure then that matter is just none of your business.
Re: Renters Insurance not in Rental Agreement - Posted by Sheila
Posted by Sheila on October 08, 2003 at 09:07:52:
So basically, since I was naive and didn’t put it in my rental agreement and the tenant refuses to sign an addendum, its my way or the highway?
What about my second question. Can I purchase liability for them and increase the rent to cover?
Re: Renters Insurance not in Rental Agreement - Posted by Sheila
Posted by Sheila on October 08, 2003 at 08:53:10:
Bill, send the request form again to 4nchunter@excite.com. I made a typo in my email.
Re: Not your call - Posted by Sheila
Posted by Sheila on October 08, 2003 at 08:56:28:
Well alot of apartments are making it mandatory for people to rent their apartments. Why can’t I make it mandatory for them to have at least liability? optional to cover their property?
Re: Renters Insurance not in Rental Agreement - Posted by Frank Chin
Posted by Frank Chin on October 08, 2003 at 09:24:41:
Sheila:
I went thru that with my insurance broker.
I thought of increasing the rent by $20.00/month as a fairly good policy around NYC here runs $200/year, give or take.
My broker said I can’t buy it for the tenant as I don’t have “an insurable interest”.
Its almost like my going to your broker and saying “I like to buy collision and liabilty on Sheila’s car”. I can’t. I can give you the money to buy it, you go and buy it, but I can’t go and buy it for you.
You can try quoting a higher rent by $20.00, and give them a rebate once they prove they got it. Just a thought.
Frank Chin