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ap54 | We are about to rent a home, and they want us to pay $300,000 worth of liability, is that unrealistic? |
The home my husband and i are going to rent is asking now that we have singed our lease documents that we pay for $300,000 worth of liabilty on thier home. The house is not even worth that much. Is that a realistic expectation of us to pay for that? |
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Sue
 |
It sounds to me like they want you to carry at least $300,000 personal liability. This would cover anything you do (or fail to do) that causes property damage or bodily injury to others. You can get this easily by purchasing a tenants (or renters) policy. Tenants policies are usually very inexpensive (a minimum contents limit policy can be $150-$200 per year). It is in your best interest to do this because the liability is worldwide (for example, you are on an airplane & go to get your carryon out of the overhead compartment, it falls out & hits someone in the head & injures them). A tenants policy will also cover your contents - which in most cases is also worldwide (this limit you can pick by figuring what it would cost you to replace everything you own). The reason they want you to have it is if you do something accidentally that causes damage to their house (such as leaving the coffee pot on & it burns up the kitchen - or whole house), or, you have someone over & they get injured on the property. You could get sued for having them over & the landlord can get sued for just being the owner of the property.
I would get $500,000 liability for only about $5-$10 more per year. Go to your auto insurance agent - depending on your company or state, you may get 10%-15% off on your auto insurance which could even pay for the tenants policy (I've seen some people actually pay LESS for both a tenants & auto policy together than they were paying for just auto insurance alone). |
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van_at_lincoln
 |
They are telling you to buy a renters insurance policy, an HO4. $300,000 in liability is automatically included in most of these policies. You can expect to pay $200 to $300 depending on what kind of coverage you want for your "contents". The liability portion of the premium is probably only around $30.00 a year. My advice is to spend an extra $10.00 and go for $500K in liability...
They are not asking you to insure the building...they are asking you to insure yourselves...and therefore helping sheild them from any frivolous lawsuits that may arise from your occupancy of the home... |
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NY1Krr
 |
I think you may be a little confused... do they want you to carry $300k of property coverage... or Liability coverage.
If they are asking that you carry property coverage on a home that you don't own... then yes, it is unrealistic and wrong. You cant get property coverage for a home that you rent... you can just get coverage for the contents in the home that belong to you.
If they are asking that you carry $300k of liability insurance... then thats a different story. $300k of liability insurance is not unheard of and is actually pretty standard. |
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Insurance Biz CT
|
If you're talking about liability insurance, I would say no. Insurance is for people who have an insurable interest in the property. You can and should be required to purchase renters' insurance, which covers your contents. The owner should have to insure the structure.
I have seen this in commercial leasing, but never in residential. They should be considering the cost of insurance when computing how much rent they should charge. |
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Faye H
 |
Liability would cover any damage you do or if someone gets hurt on the premises and sues the landlord and it was your fault. Liability is NOT just for the value of the building.
However, he should have included that in the lease documents if he wanted you to have liability insurance BEFORE you signed the lease. Asking for it afterwards doesn't work. You already have an agreement.
If you have Renters Insurance, you already have liability coverage. Talk to your insurance agent but there is no way I would take out a policy just to cover him. Nor would I pay any portion of HIS policy for him.
You can tell him you already HAVE liability coverage (if you do on a Renters Policy) and you are NOT going to take out additional coverage. Your agent should be able to provide you with a certificate of insurance for him showing that you have the coverage. |
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mei-lin
|
Liability covers many things, such as someone getting hurt on the property due to your negligence. You should take out a renters policy anyway, to cover your possessions in the house. Liability is included in most renters policy and the cost for $300,000. is not that much. |
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wizjp
 |
You can offer to pay the assessed value or the replacement value; or you can find another place to live I guess. Usually the property owner pays the insurance, but it is up to you and they to negotiate rental terms; if that's the deal, I guess that's the deal.
if the 300k is replacement and contents for you, it might not be such a bad deal if the rental price was right I guess. |
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sudi p
 |
Charge according to the government rules |
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mbrcatz
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It's perfectly realistic. LIability has NOTHING to do with the cost of the home, it's how much YOU can be sued for, if, for example, your dog bites a neighbor child.
Renters insurance costs less than $200 A YEAR, and covers your stuff, and would ALSO give you your $300,000 of liability coverage. And satisfy your lease.
MOST leases require that you carry renters insurance. |
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