Risk Insurance for property rental

Yvonne



Joined: 16/05/2008
Posts: 273

Message Posted:
20/05/2009 22:10

Hi all,

I've spoken to some very helpful and informative insurance agents in NC (as recommended to me by some of you on the forum - txs!). The Insurance cover is v reasonable, however, my main concern is that no one covers 'Risk' out there which I would consider to be v important especially if you're renting your apartment to members of the public.

What has everyone else done out there who is renting? Am I being too paranoid? Wouldn't like to be in the position of facing a claim from someone who is renting my apartment and has an accident on my property...

Cheers,

Y

TheSaints



Joined: 28/01/2009
Posts: 1369

Message Posted:
20/05/2009 22:28

Hi Yvonne,



If you want to go down that road, ask your agents/brokers about "Third Party Liability insurance"

MUSIN M


Joined: 26/06/2008
Posts: 1352

Message Posted:
20/05/2009 22:45

yvonne



they should have their own insurance.





musin



long live the kktc

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
21/05/2009 00:52

Hi Yvonne,



As I rent my property out, this is something that has bothered me for awhile. I have tried asking about third party liability insurance but to be honest there are so many exclusions, it is not worth having. Musin is right and all holiday makers should have their own travel insurance, as this is the only way they will be protected.





The butlers wife

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
21/05/2009 10:00

Yvonne. Why not get a statement included in your lease document saying that you cannot be held liable for any accidents that occur on your property. Once it's signed by all parties it's legal.

Yvonne



Joined: 16/05/2008
Posts: 273

Message Posted:
22/05/2009 22:25

Thanks all for your feedback. No1Doyen, I think this is the road I will go down.

Cheers! Y