If your tenant does not buy tenant insurance, they are responsible for the cost of their damaged property. If the tenant (or a tenant`s client) is responsible for the start of the fire, he or she may be responsible for paying the landlord`s deductible for damage to the building. The lease agreement must make it clear that the lessor will forego losses by the tenant and will recover any losses through the insurance provider. The owner`s insurance does not cover any damage to your personal belongings! Your parents` fire insurance can cover your personal belongings and furniture, as they have been temporarily transferred to your student accommodation. Check this in your parents` insurance. Unraveling it, where the responsibility lies in a housing fire, can be complicated. Fire damage requires several insurance policies. Understanding the terms of your insurance policy is the key to knowing what to expect in the event of a fire. Your insurance and insurance purchased by your tenants may pay for different types of damage from the same fire.
The breakdown of the persons paid for the damage caused by the fire in a rental building may include these parts. Landlords must also include a statement [PDF, 811 KB] in which they inform tenants that the property insurance policy is available on request. Fire insurance is just as important to a tenant, it allows everyone to protect their interests. Why take out fire insurance as a tenant? 1 / Tenant liability protection The tenant must assume his responsibility as a tenant. In fact, as a tenant, you are obliged to return the apartment to the state in which you received it, even if there was a disaster. In the event of a loss, the tenant`s liability is automatically assumed. So you need fire insurance! Although fire insurance is not mandatory, most rental contracts require tenants to acquire this insurance. The landlord and the certainty that if the incursion is caused by His property, they will be covered by the tenant`s fire insurance. If the tenant is the cause of the fire, he pays certain costs to the landlord. In this case, the landlord has the option to terminate the tenancy agreement while making the tenant responsible for rent payments. If damage occurs in a rental home, the landlord and tenant have some responsibility. For this reason, both parties should have the full coverage they need to protect their assets.
To learn more about the role of homeowners` insurance, contact us today with the experienced agents of LoPriore Insurance. Our employees are available to answer your questions, make a quick offer or provide information about our available insurance policies. Leaving loopholes in your insurance coverage can lead to financial disaster. Talk to an independent insurance agent to get a firm understanding of the coverage you really need. Owners should insure their rented property against damage. Tenants should also have insurance for their property and protect them from liability. Your responsibility to third parties (for example. B other tenants of the residence or neighbors) can also be covered by your landlord`s insurance. Ask your landlord for more information! If the lessor`s insurance (with waiver of recovery) does not cover this risk, it is in your best interest to take the necessary endorsements: if you no longer live in your home (and have your own fixed address), you must take out your own insurance. 2 / Protect your property as a tenant (content) You want to protect your furniture and other objects in case of fire, water damage, natural disasters, etc.