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Tenant could not provide copy of policy for the second term but they gave me insurance company name and policy number, if I call insurance company, would they confirm it for me? Also, if tenant does not have the renter's insurance, what options does Landlord has?
What good is it to you to verify...they can cancel right after you verified it.
It is in all our lease agreements but we never verify. If tenants have a claim they will need to go through their ins. and if they don't have it too bad they will loose out.
It's like car ins. To get the annual registration. You need to provide the ins. Info but many will cancel the next day and drive around uninsured.
Until the law is changed that the policy can't be cancelled until the car is sold or the lease ended nothing will change.
Tenant could not provide copy of policy for the second term but they gave me insurance company name and policy number, if I call insurance company, would they confirm it for me? Also, if tenant does not have the renter's insurance, what options does Landlord has?
If its a requirement to lease then you can call once a month when you get the rent check most insurance companies will let a LL or lienholder check on current coverage . As for the "right" insurance are you requiring some specific coverage or amount? Is it specified in the lease? Renters insurance covers their stuff. You carry RENTAL insurance to cover the house
We're required to have renters insurance and it's our responsibility to call the insurance ourselves and get the paperwork to the office. Your tenants can call them and ask for a copy of their coverage to be sent to the rental office at no charge. If we fail to do so, our LL can evict us. We actually keep our renter's insurance active too - it's only $18/month and it'd be a silly reason to get evicted if they found out we canceled it.
ETA - The reason our property asks for it is because we are required to have $300,000 in personal liability coverage. They can ask your insurance to notify them if you cancel the policy.
When we have rented we had to provide a copy of the policy and the receipt for payment to the insurance company monthly, quarterly or yearly depending on how often we paid.
There are two primary forms of renters insurance -- liability and contents insurance -- and they are typically packaged and sold together. Liability renters insurance covers injuries suffered in an apartment unit from things like slips or falls if the tenant is held liable. It also covers a tenant in the event he or she is sued and held liable by a landlord for damages to the apartment caused by a tenant's negligence, such as a fire or flood. Contents renters insurance covers a renter's personal property, including furniture, stereos, television sets, clothing, and appliances, as well as temporary relocation expenses. There are typically limits on jewelry, furs, antiques, cash, silverware and precious collector's items, but renters can purchase special additional renters insurance to cover those items. Renters insurance doesn't cover damage from weather-related floods.
You should be able to put yourself as additional insured on the policy. This way if they cancel the policy you will be notified. Most insurance companies do this and it's not a added expense. Well let me rephrase. It's not a added expense to the policy to add another entity to the policy. The policy itself is a added expense. When I had my boat in storage it was part of the lease to have insurance and the storage as additional insured on the policy. They sent the policy statement straight to lease office
Last edited by Electrician4you; 09-01-2014 at 09:10 AM..
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