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YoungANDfast

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Posts: 27
Reply with quote  #1 
Hello my fellow Landlords,

Its been a while.. December is the worst year of the season so i'm sure we're all hurting lol..

In terms of Property Insurance and Liability insurance that goes with it,

What are possible scenarios that it covers? I'll add a few, let me know if i'm covered..

-If I have a co2 detector in the hallway, but the tenant gets co2 poisoning and dies/gets hospitalized, who is liable and does my insurance cover me? (and what if i don't have a co2 detector, just smoke detectors?)

- If the tenant has a oxygen tank (for medical purposes) and it blows up and damages the property, am i covered? am i liable for his/her injuries?


Do you have any scenarios to add to liability insurance inquiries? personal story.. lets hear it 

OHlandlord

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Posts: 3,809
Reply with quote  #2 

I would think the #1 liability scenario is the slip & fall.  Tenant slips somewhere on the property and falls (hurting himself or claiming to have).  Liability would cover you providing the tenant did not fall as a result of your negligence (example: you failed to fix a hazard that he or another tenant reported) or from your failure to meet state law (example: you were responsible to remove snow and ice, but didn't).

YoungANDfast

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Posts: 27
Reply with quote  #3 
Thanks for reply OHlandlord,

What about for scenario #2?

Seems like its not a simple slip and fall, but a failure of the landlord to property keep the property in "good maintenance"? I don't think the insurance will cover negligence if it goes down to it.. even though you may be the most professional landlord in the city..


OHlandlord

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Posts: 3,809
Reply with quote  #4 
Failure to keep the property maintained can be the same as negligence.  You should have repaired something that you failed to do.  Lawsuit happy tenants can easily put forth such a claim and an insurance company would rather settle out of court than fight it if it is cheaper.  If this happens, expect a significant increase in your rates.  Your best hedge against this is documentation.  Document every tenant complaint and every maintenance issue that is addressed.  Then you have something in writing to show the insurer that you were maintaining the property.  Making the tenant do the repair request in writing helps with this.  No repair request = no proof of every notifying you of the problem.
Alanary

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Posts: 3
Reply with quote  #5 
You may want to consider the largest contract that you have ever signed and start with that number as your base and then add on more liability insurance based on some of the other factors mentioned.
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Bancroft

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Posts: 4
Reply with quote  #6 
I have read out complete statement as you written in your blogs along with  i got many ideas indeed thanks for share with me
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Nelson01

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Posts: 1
Reply with quote  #7 
Liability depends upon degree of responsibility you owe and fulfill.Insurance can cover only such damage which happened even after fulfillment of responsibility from your side completely.Another thing is the plan which may vary from one to other. It is better to read terms and conditions of liability insurance plan you take.Thanks for posting.

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