who is liable for property insurance?

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  • who is liable for property insurance?

    is it the landlord or tenant?

  • #2
    LL responsible for buildings plus contents to cover any of their stuff and tenant for contents of their stuff, I think

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    • #3
      Originally posted by nask70 View Post
      is it the landlord or tenant?
      if you as landlord own the property, i would think its obvious that you need to insure it , not only against fire but also public liability, why would your tenant want to pay the insurance, if it burns down they can move to a different property.
      Opinions given are mine, They are not necessarily correct, as the more I learn the less I know, You should always seek professional help.

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      • #4
        yes i do have bulidings insurance

        but i was thinking in the lines off if i had contents then why not make a slight rent increase to cover the insurance cost. good idea

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        • #5
          Originally posted by nask70 View Post
          but i was thinking in the lines off if i had contents then why not make a slight rent increase to cover the insurance cost. good idea
          well this is a different question, you could do this, but how would you know the value of your tenants goods.why would you want to get involved.
          Opinions given are mine, They are not necessarily correct, as the more I learn the less I know, You should always seek professional help.

          Comment


          • #6
            I see from your previous posts that you have many issues which are indicative of someone new to the industry. I do not think it is helpful to you to learn about the property industry by asking a series of disjointed questions. Have you considered buying any books (both commercial and residential I suppose in your case)?

            To give you an answer to this question you need to factor into the rent: use of a property, mortgage, insurance, maintenance, furnishings, gas safety check, agents' fees at the very least and somewhere at the end a bit of profit if things go well. If you get a bad set of tenants add unpaid rent, damage, legal fees, balding hair.
            Last edited by Poppy; 04-10-2006, 15:32 PM.

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