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  1. #1
    Registered User New Member
    Location
    Canada
    Posts
    3

    Need information about tenant insurance

    Things were not easy for us in the past year. We are in a slight financial crunch. So, I decided to give my condo in the city for rent. It was our rest house while the visit to the city. The condo is insured. I read that tenant insurance gives them the personal liability coverage (northwoodmortgage.com/insurence/important-things-to-know-about-home-insurance/) I am confused as the condo is insured by us. Does it mean that, if any damage occurs to the condo, then the tenants are solely responsible even if it was not their fault? I would like to get more insights about this. I want to know if I should inform the agency about the tenant insurance?

    Thanks.


  2. Need information about tenant insurance
  3. #2
    Registered User Senior Member
    Posts
    240
    I would think that your insurance covers the physical structure of the condo and the fixtures, and protects you as the owner. And that your tenant needs insurance to cover their own personal items.

    But you might want to talk with an insurance agent to confirm. And make sure you have all the necessary insurance.

    For instance, you may want your tenant to have minimum coverage amounts and name you as an additional insured in case they are sued by a third-party for an event that occurs at the condo.

    Good luck.

  4. #3
    Registered User Junior Member
    Posts
    43
    My two cents is that you need to inform your insurer that the property is tenant occupied, not owner occupied.

    Also, I see you are located in Canada. I think most users are in the US. So what goes on here my be slightly different than what goes on where you live with respect to insurance contracts and laws.

  5. #4
    Registered User New Member
    Location
    Canada
    Posts
    3
    Thanks for your suggestions.
    As you said, I think it will be better that I notify the insurer.

  6. #5
    Registered User Junior Member
    Posts
    43
    I think that is a good idea Jasmine.

    Also, if you know anyone who also rents out a condo, you may want to ask them what other insurance they carry. Might give you and idea of if you need any additional coverages as a landlord to protect yourself.

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