Insurance..
Happy Thanksgiving!
I have an lease option on a house and he has home owners insurance, I want to lease this house out and I want to have the renters get rental insurance. Do I need any type of insurance, or is it covered by the two policies?
i get a landlords policy to cover the home not the contents, i suggest to the tenant that renters insurance will cover their items but is paid for by them..
regards-pat
Renter's Policy aka Personal Contents Policy or personal property policy...Look for policies that gives you replacement cost instead of actual cash value.
Replacement cost is when the Ins. Co. replaces the item with the exact same thing regardless on what the value is. 57" TV is replaced with a 57" TV with no consideration for depreciation.
Actual cash value...item price minus depreciation, not good at all...
57" TV bought for $2000, 2 years later after depreciation...$800 is what the insurance company will pay.
Thanks! I really appreciate your help!
If you (or your entity) own, or have a financial "stake", in the property, be the "first named insured". The first named insured is the primary recipient of any potential claim benefit or liability protection. An "additional insured" will garner liability protection only. A "loss payee" will have it's interests protected in the event the property itself is damaged. (A mortgagee is inherently BOTH). [ Edited by norrist on Date 12/04/2003 ]