# Landlords - Insurance question



## MoneyChase (Aug 31, 2013)

Hello, 

What kind of insurance would you recommend? Liability insurance for sure. Would you recommend anything else to protect yourself and your property?

Thanks!


----------



## Taraz (Nov 24, 2013)

Well, you could require renters to have renter's insurance, as a condition of the lease. If it's a condo, the building itself (excluding the interior contents) is often covered by the condo insurance, but if it's a house, you'd definitely need house insurance (in case of house fire, sewer backup, hail, etc.). 

I believe there is rental house insurance that specifically covers rental properties (and it's more expensive than owner-occupied home insurance).


----------



## Just a Guy (Mar 27, 2012)

Tenants require tenant insurance (cheap), owners require owner's insurance (even if you own a condo), if you own a rental house it's more expensive than condo, but cheaper than a personal house as you're not covering contents...

I just read some good tips on insurance here...

www.easysafemoney.com/new-tips-and-tricks/


----------



## heyjude (May 16, 2009)

If you own a condo it's important to know what the deductible is for common area claims. Let's say the condo corporation has a policy with $20,000 deductible for floods. Your condo, which is on the 10th floor, floods one day while the tenant is out, because the hose pops off the washing machine. It takes hours to get in to turn the water off. You will be responsible for the damage to your condo and the condos underneath on the 9th and 8th floors, as well as the soggy carpet in the (common area) hallway and the drywall that has to be cut out, replaced and painted. The insurance companies of the condo corporation and the owners of the 9th and 8th floor condos that were damaged will all try to claim on your insurance. You need insurance that will cover up to $20,000 of common area damage.


----------

