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| *Ostroff, Fair and Company>>>Insurance |
Where do Rent payers stand when it comes to Building Insurance? |
I currently rent property and have a dispute with the owner of the property over who pays for Buildings insurance. I have taken out & pay for myself Contents insurance to cover my belongings but who has to take out & pay for buildings insurance? Please help ;-) the landlord is responsible for maintaining insurance on the property (building, structure, land, etc.) a tenant is responsible for insuring the contents inside the property. so if there's a fire, the landlord's company pays to replace the building. the renter's insurance company pays to replace belongings. hope that helps. good luck! Most rent payers don't stand, they sit down Its usually the landlord that is responsible for Buildings Insurance. But, check your rental contract - there may be something in it thats says the responsibility is yours. This is a common mistake that renters make. The owners of the building are insuring THEIR investment, not yours. They protect themselves from fire, flood, personal injury lawsuits, etc. with their insurance. If there is a fire in their building their insurance will pay for their losses but not yours. None of their insurance is to cover your losses. You need to carry your own insurance. I live in an apartment and I have my own insurance to cover my area and contents. The landlord covers the entire building but not my contents... It is the owners responsibility (I have both rented and been a landlord).....You are correct you only need contents insurance for your items. If the landlord wanted you to pay the buildings insurance this should have been factored into the original rental agreement. If the property is a "buy to rent" then they could even be in breach of their own building society / bank terms for the mortgage on that property. Same place you stand if you don't pay the rent. Kidding. If the landlord never specified to you in the lease or contract(agreement) that you are responsible for building insurance. Then clearly he thinks it was assumed, which does not count. You are responsible for your own personal belongings if something got stolen. He is responsible for maintaining the building. If the dispute is over personal belongings that is your responsibility anything else is he's. |
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