Tenant Insurance
I already carry a OLT insurance in my property. I require my tenant to carry Tenant Insurance. My question are the following (heaven forbid it does not happen):
(1) if the washer leaked, whose insurance takes care of it...tenant insurance or the OLT I carry as property owner?
(2) If tenant or their guests falls from a stair (not necessarily caused by the stairs, they may just have not noticed a step or missed a step), etc. who takes care of it...tenant insurance or my OLT Insurance?
(3) Someone broke in and stole their jewelries, etc....tenant insurance or my OLT insurance?
deene,
The general rule for rental property owners is that your landlord policy protects you against a loss to your property or a claim for injuries sustained on your property. It does not protect your tenant's personal possessions.
Your tenants will need their own renter's policy to protect their personal possessions against loss.
I have never heard of OLT insurance, but your questions for each scenario you mentioned are best answered by your insurance carrier. Call the policy service telephone number for your carrier and ask them each of your questions. Your insurer is in the best position to give you accurate answers based upon the provisions of your policy.
Based upon the answers you receive, you may decide to purchase another insurance product, or add a coverage rider to your existing policy.
Deene,
It would also be wise to include a statement in writing within your rental contract that no insurance coverage is provided for the tennant.
Vestor
DaveT,
OLT = Owner Landord Tenant, Policy, it was a new one on me too.
Pretty soon we will not have to spell, just throw out a couple of LTR's or NUM's.
John $Cash$ Locke
LTR's=Letters
NUM's=Numbers
hey I'm Co JCL
BTW...CO=catching on