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Does anyone know if you can check if your tenant has bought renter insurance in Connecticut? My rental agreement has stated they need to buy renter insurance but I wonder if there is a more polite way of finding out the answer instead of requesting to see their receipt
In our last two condos, we (HOA) has required that owner's maintain separate insurance policies - particularly if they intend to rent-out their unit - and provide a copy of the policy to the HOA. That's largely because some damage to owner/renter property and/or caused by owner's/renters is not covered by the HOA umbrella policy.
Focus on the advantages to the renters and they will appreciate, rather than resent, your question.
Why does the land lord care if you have renters insurance. If the place burns down and you loose your stuff its not the land lords problem.
Because usually there is some liability insurance attached as well, so, say if the renter damages the property, the insurance can cover that damage. For example, if the renter catches the kitchen on fire, there could be thousands of dollars in damage. With insurance, that should be in the policy.
Also, if there is some damage to the property (like a hurricane), the contents of the renters apartment or home would not be covered under the landlords insurance, but would under the renter policy.
Where I live they insist we provide a copy of our insurance every year.
Because usually there is some liability insurance attached as well, so, say if the renter damages the property, the insurance can cover that damage. For example, if the renter catches the kitchen on fire, there could be thousands of dollars in damage. With insurance, that should be in the policy.
Also, if there is some damage to the property (like a hurricane), the contents of the renters apartment or home would not be covered under the landlords insurance, but would under the renter policy.
Where I live they insist we provide a copy of our insurance every year.
Don
That is strange, where I am the land lords insurance covers the sheet rock out (so the structure) the renters insurance covers the renters stuff. IF a renter starts a fire (assuming its not arson) then the owners insurance should cover it and the renters insurance covers his stuff. Things like appliances should be covered by the land lord.
As owner of the property, you should be named as an additional insured,and then should receive a copy.
Landlords should NEVER be listed as "Addtional Insured" on a tenants Renter's policy. They should be listed as 'Additional Interest'. Please ask you business attorney why Additional Insured can actually hurt a landlord and open them up to more liability. It's in the insurance company's best interest to have the landlord as additional insured and thats why they push it, but most pure commercial insurance companies will not even allow a landlord to be additional insured without signing an addendum stating they understand what they are doing. Its fine for a mortgage, but not a rental.
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