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Old 10-16-2009, 01:34 PM
 
204 posts, read 593,395 times
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My tenants have purchased renters insurance (about 300 a year for the policy) and they they sent me the statement as proof.
i wanted to know if i'm covered under 'their' policy or whether that just covers 'their' stuff!

just fyi, i have rental insurance on my rental condo....

so, if let's say there is a fire/breakin/etc., does their insurance cover their loss and my insurance cover any damage to the property (that's mine)? or is there a better way of doing things that would provide me with more protection?
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Old 10-16-2009, 01:48 PM
 
Location: Clermont Fl
1,715 posts, read 4,337,675 times
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You insure the structure they insure their content
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Old 10-16-2009, 01:50 PM
 
Location: 39 20' 59"N / 75 30' 53"W
16,081 posts, read 25,361,958 times
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Renters insurance normally covers their personal items, but policies
may vary in what they cover, or lets say damages caused by the tenants
negligence.
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Old 10-16-2009, 04:45 PM
 
Location: Boise, ID
8,047 posts, read 25,490,540 times
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Yeah, I think it usually depends on the coverage. I think the basic usually only covers the tenants stuff.

However, we had a rental years ago that a vacating tenant left a waterbed plugged in by mistake and left it draining while she went to work for the day. When the water level got low enough, the heat melted the rubber and turned the entire apartment the color of a black color crayon. The fire department across the street responded when they saw smoke coming from the windows, or it might have burned the place down.

The tenant had renters insurance and it covered our repairs/remediation of the smoke damage.

If your tenant's renters insurance is $300 a year, they either have riders for expensive belongings or got more than the basic, or insurance is a lot more expensive where you are than where I am. Renter's insurance here is about half that.
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Old 10-16-2009, 09:02 PM
 
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I have renter's insurance. It covers theft or any loss resulting to my property out of an attempted break in, fire damage and guest personal injury (minimal) within my house. Also, it covers earthquake damage to my personal property. I find that kind of odd, but it's an automatic coverage. It costs a little less than 300 per year (I do have riders for some property). I live in Oregon.
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Old 10-17-2009, 07:33 AM
 
26,840 posts, read 41,717,884 times
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I don't even allow waterbeds due to the risks....

You need to have property ins. + liability insured in case the tenant hurts him self and starts to sue you. I pay for one home like $ 200.- for liability and for the other I pay a little over $ 1300.- (liability +property ins./sinkhole/hurricane)

The tenant ins. is for their personal property. Yours should be for ...let's say you turn your house upside down and everything that doesn't fall down, is ins. under your coverage.....everythings that falls down has to be ins. by the tenant....just trying to give you an example.
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