renters insurance (by jill [MD]) Mar 12, 2012 4:53 AM
renters insurance (by Jeff [CO]) Mar 12, 2012 7:44 AM
renters insurance (by George Skidis [IL]) Mar 12, 2012 11:21 AM
renters insurance (by reid [KS]) Mar 12, 2012 1:12 PM
renters insurance (by in [IN]) Mar 12, 2012 3:50 PM
renters insurance (by p m h [TX]) Mar 12, 2012 4:35 PM
renters insurance (by p m h [TX]) Mar 12, 2012 4:35 PM
renters insurance (by Jeff [CO]) Mar 12, 2012 8:57 PM
renters insurance (by Jeff [CO]) Mar 12, 2012 9:43 PM
renters insurance (by George Skidis [IL]) Mar 12, 2012 9:46 PM
renters insurance (by Jeff [CO]) Mar 13, 2012 11:36 AM
renters insurance (by George Skidis [IL]) Mar 13, 2012 6:01 PM
renters insurance (by jill [MD]) Posted on: Mar 12, 2012 4:53 AM Message:
State Specific Question About: MARYLAND (MD)
Know I am supposed to have tenants buy their own renters insurance to cover their personal effects. But I've forgotten where the landlord/owner fits into the picture. Should they be including me on the policy? What is the language used? --98.233.xxx.xxx |
renters insurance (by Jeff [CO]) Posted on: Mar 12, 2012 7:44 AM Message:
Require that you be named as an additional interest - NOT additional insured.
Require liability coverage. --174.47.xxx.x |
renters insurance (by George Skidis [IL]) Posted on: Mar 12, 2012 11:21 AM Message:
In addition to being named as an additional interest make sure the insurance company has a complete address for you. That way the company can notify you when, not if, the policy lapses for non payment.
One of the first precursers to trouble ahead may be notice that your tenant's policy is being cancelled for non payment of premium. Shortly after that comes non payment of rent. --108.92.xx.xxx |
renters insurance (by reid [KS]) Posted on: Mar 12, 2012 1:12 PM Message:
If it's really important to you that they have renters insurance add the cost of the premium to the rent and pay it yourself. In my rental agreement the renter agrees to buy and maintain renters insurance but they almost to the person NEVER do. --108.238.xxx.xx |
renters insurance (by in [IN]) Posted on: Mar 12, 2012 3:50 PM Message:
When you buy RI make sure it is the same company as insure the property they are living at, makes things easier, if you have a claim. --98.253.xxx.xxx |
renters insurance (by p m h [TX]) Posted on: Mar 12, 2012 4:35 PM Message:
someone please explain why one should require "additional interest" as opposed to additional insured. I have always required the latter. --97.94.xxx.xxx |
renters insurance (by p m h [TX]) Posted on: Mar 12, 2012 4:35 PM Message:
someone please explain why one should require "additional interest" as opposed to additional insured. I have always required the latter. --97.94.xxx.xxx |
renters insurance (by Jeff [CO]) Posted on: Mar 12, 2012 8:57 PM Message:
I'd be leery about paying the policy yourself. Check with your lawyer about WHO would be the insured party, etc. Better to be an additional interest. --97.122.xxx.xxx |
renters insurance (by Jeff [CO]) Posted on: Mar 12, 2012 9:43 PM Message:
Additional interest basically just means that you're an interested party who is notified of policy changes. That's it. Additional insured can bring you closer and more involved with tenant and their insurance than you want to be in the event of a claim. My landlord lawyer's website is down, so I can't give you specifics, but they recommend additional interest. --97.122.xxx.xxx |
renters insurance (by George Skidis [IL]) Posted on: Mar 12, 2012 9:46 PM Message:
Additional Insured vs Additional Interest. An additional insured has a vested interest in any property claims submitted by the "Named Insured" aka the tenants. As an additional insured you are entitled to be placed upon any claim payment check issued. You can also be required to submit to an examination under Oath and asked to sign a "Proof Of Loss".
An additional area of concern is the belief that as an additional insured you may be named in a lawsuit against your tenants. Sounds goofy I know, but an attorney getting ready to sue them will ask for proof of insurance during the preliminary discovery.
low and behold there at the bottom of the page is your name. Bingo you are the pot of gold at the end of the rainbow because you are an Additional Insured.
A mortgage holder is an additional interest that has no liability standing in a claim against the Named Insured. One thing to consider. It is hard to sue a tenant for accidental damages when you are the additional insured. --99.107.xx.xx |
renters insurance (by Jeff [CO]) Posted on: Mar 13, 2012 11:36 AM Message:
VERY helpful, George. Thanks for posting. --174.47.xxx.x |
renters insurance (by George Skidis [IL]) Posted on: Mar 13, 2012 6:01 PM Message:
Thanks Jeff
Maybe my 30 years in the insurance business is useful for something after all. --97.91.xxx.xxx |
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