Start your membership account today...  Access to credit reports, 100's of rental specific forms, agreements, letters, checklists, how-to articles, guides, expert advice and much more!  Even a FREE, 3-day trial!

Not a Member?
Get a Free Trial Membership

  Get FREE Stuff! Run Credit Report Rental Forms  Shop & Buy Forms!  Advertise Your Rental Customer Care

Welcome to Landlord.com's Discussion Forum
Register Latest Topics
 
 
 


Reply
  Author   Comment  
SueAV

Registered:
Posts: 3
Reply with quote  #1 
Hello,
I am new to renting property in FL and am doubly unsure of insurance responsibilities of a condo.  We have a COA and monthly fees which include building and exterior features insurance.  As a resident owner, I could have contents insurance which I would buy. Now that we are going t rent this condo, do I need to get some kind of renter's insurance?

The Realtor that will handle the rental for me had a section in the agreement that asked for public liability insurance coverage on the property.  $100,000 per person and $300,00 per occurrence.  What is this about? If the COA has global property insurance, and the renter gets their own contents insurance, do I need something more?

Any light you can shed on the insurance thing would be helpful.

OHlandlord

Registered:
Posts: 3,720
Reply with quote  #2 

In a condo, you normally own everything from the outside walls in.  So the COA's insurance covers the outside walls and windows, the roof, the common areas, and the common systems.  The tenant's rental insurance covers the things he owns (his electronics, furnishings, and personal belongings).  You need rental property insurance which will insure the inside walls, the appliances inside, and the systems inside that you own.  Change your homeowner's policy to a rental dwelling policy.

SueAV

Registered:
Posts: 3
Reply with quote  #3 

Is it mandatory?  I can see replacing things when they need it and not carrying insurance.

OHlandlord

Registered:
Posts: 3,720
Reply with quote  #4 
Probably is.  If you have a mortgage, your bank will insist on it (and will force you to get a policy, or will provide it at your expense if you don't.)  The realtor who is managing the property will insist on it too.  They want liability coverage to protect you and them in case of a lawsuit.  Even the best maintained property can't stop someone from suing. 

Liability is the minimum they will allow.  But that won't cover you in case of catastrophic loss (the tenant causes a fire, breaks a pipe, causes a total loss of your condo).  The COA insurance will replace the exterior walls & roof.  The tenant's insurance will replace his belongings.  Your rental property insurance policy would replace the interior.  Don't expect the tenant's policy to cover your loss.  It won't happen.  And suing your tenant for the loss won't work either.  Tenants don't have that kind of money.  They quit their job when you go to garnish wages.  They move out of state.  They file BK.  I've seen it happen twice with tenant caused fires.  Get insured to protect yourself.
Ajitallbey

Registered:
Posts: 47
Reply with quote  #5 
    Thanks OHlandlord share a great thought.

__________________
financial planner virginia beach va
kironsmith

Registered:
Posts: 1
Reply with quote  #6 
I am working as employee in Beachfront Rentals in Polo Beach and know all renting rules and regulations.Insurance of condos and rentals is must.I agree with you That your property is yours and no tenants will owns it untill law and order persist in society.
__________________
kironsmith
Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Easily create a Forum Website with Website Toolbox.

Apartment Finders > > Member Log-in > Free Trial Offer > Free E-newsletter > Customer Service > Get Free Stuff! > Run Credit Report > Rental Forms > Vacancy Center > Do-it-yourself > Evicting Your Tenant > Foreclosure Resources > Landlord Discussion Board > Income Tax Resources > Information Center > Join Landlord.com > Landlord Law > Library > Multi-family > Professional Advice > Rental & Property Mgmt > Rent Collection > Repair & Maintenance > Security Deposit > Software Center > Tenant Screening > Vacation Homes > What's New > Rental Agreements > Free Leases > Inside Our E-store > > Security Deposits > > Landlord Daily News > Rental Agreements >
LandscapingSanJose.net Resources: Cleaner Sunshine coast