QUOTE (lincolnshire @ Feb 7 2008, 11:17 PM) Hi,
What type of insurance is required, by the tenant, when taking possession?
A landlord would have buildings and some contents, so would contents/ fire and theft be what they require?
Hi ,
Yes You should get the tenants to get tenants insurance , with a mimmum of $1 mill third party liability
especially, if it is a condo as the tenant may cause water damage to other suites and you as the landlord you may be liable , also what you should do is have the tenants insurance broker issue you the landlord a proper insurance certificate with you on as certificate holder ,and get it updated regularly this will allways confirm insurance is still in force as this has to be issued by a licenced insurance broker .
Regards,
Riccardo
Licenced Insurance Broker specialing in realestate investors