Monday, March 10, 2014

Landlord and Tenant Property Insurance Reminder

This is a reminder for Tenant Property Insurance
If you are an owner of a condominium townhouse or a high-rise condominium, you too want to make sure that your insurance on your investment property is active.  The reason you need insurance is because the tenants package only covers the tenants contents and the condo insurance typically only covers to middle of the exterior walls.  As an owner, you need insurance to cover your appliances, flooring, walls, drywall, cabinets, bathrooms etc. in the event of a loss.
Also, if your loss in your unit or property creates a loss in other units adjacent to your unit then you need insurance for that too.  This can get very expensive. 
If you are a tenant, you need to read this below! 
I recently heard that a small fire this past New Years' Eve in the bedroom of a condominium townhouse created a huge personal and financial loss for the tenant living in the property.  The reason for the loss was the tenants insurance policy had expired and the tenant did not renew the insurance for another year because the tenant wanted to save about $225. 
This tenant is now out of pocket over $25000, had to move somewhere temporary for 3 months which cost additional money and the tenant lost all her belongings and furniture due to this oversight!
This email is not meant to scare you, it's a friendly reminder for you. 
If you are a tenant you must confirm that your insurance policy is currently active and keep your tenants package for your personal property and legal liability insurance policy in full force and active.
If there is a fire or flood and you lose some or all of your belongings you need your own insurance coverage and policy.  Also, if you cause the fire or flood and if this loss creates damage or a loss in other units or properties adjacent to your unit or property then you need insurance for that too.  This can get very expensive. 
Please verify your insurance policy is active and that you have a tenants insurance package that covers your contents and at least $1million liability insurance that is current and active. 
Thank you, 

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