I often receive the question “who should get insurance on rental properties?”
The quick answer to this question is both the owner and the tenant should have their own insurance on the property. As a property manager, I always insist that I get a copy of insurance from both the tenant and the owner.
The owner needs to ensure that their property is covered for fire and third party damages, or damages and injuries that can occur to others while in the property. The owner should also get insurance that would cover the loss of rental income while the home is under repair.
The tenants need to cover the contents and belongings in the rental property. The tenant insurance should also cover costs of any damages they may cause any third party individuals, neighbours or other unit owners.
Tags: insurance properties property manager rental properties tenant
