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Your land lord is not responsible for any damage to or loss of personal belongs. This is why you would want to get renters insurance. The owner of the home should have it covered with "Home Owner's Insurance", which doesn't cover a tenant's belongings should there be a fire, etc. Renter's Insurance covers the tenant's belongings. Without it, a tenant would not be eligible for a claim and would not be able to recoup any losses.
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Why would one need third party insurance coverage?
One needs a 3rd party insurance coverage to cover for damage for vehicle or property. This kind of insurance covers injury of others, including passengers in the car.
Why do you need liability insurance on land you do not use?
Liability insuranceIn the Unites States, a landowner can sometimes be held liable for certain occurrences on the owned land. A Landowner is typically NOT held liable for the actions of tenants. This is what Renters Insurance is for. A Tenant can purchase property and liability insurance on a tenants policy. A property owner also is Typically NOT liable for the actions of criminals or others that may have entered your property illegally.So while its a good idea to maintain some type of Liability Insurance for Vacant Land to cover some occurrences where the owner might be liable. One should not presume that the property owner is liable for anything and everything that might occur on the property.
Can a person insure property that belongs to someone else?
No, in order to get an insurance policy on property you need to have an insurable interest. Meaning you need to own the property or have some other interest in the property.
What type of insurance do you need to operate and own a barber shop?
There are many types of insurance you will need to own and operate your barbershop. The most important insurance will be liability insurance. Liability insurance will protect you in the event someone is injured on your property.
What type of insurance does a small hamburger restaurant need?
First you need to find out what insurance policies are obligatory in your state/country. You will probably need the following:Liability insurance also known as Commercial General Liability insurance which protects you from lawsuits filed by customers or employees.Property Insurance which comes into effect in the event of property damage from both natural disasters (e.g. floods) as well as man-made damage.Workmen's Compensation Insurance covers damages resulting from employee injuries and pays out percentage of the employees salary in the event of on the job injuries.Commercial Auto Insurance for delivery vehicles.See the related link for more information.
Can landlord insurance cover damage from tenant move out?
Well, what do you mean by Landlord Insurance? There is property insurance and Tenant or Renter's Insurance. The former covers any damage to the property by a storm, fire, burglary, etc., but not anything inside the unit, meaning, anything owned by the tenant. That's what Tenant insurance is for. Tenant insurance covers any property of the Tenant, in and out of the home (out of the home is generally covered by only 10 %); property damage by the Tenant, either while living there or upon moveout; and medical care of up to about $1,000 to anyone who gets hurt in your home. It also covers loss of use of the home to a certain amount, which helps you with lodging and moving costs should you need to stay out of the home.
Why does a tenant need a certificate of insurance?
Landlords generally require a tenant to have a certificate of insurance showing that the tenant has personal belongings insured, as the landlord's policy doesn't cover personal property of the tenant.
Can I get Car Insurance that only covers liability and property damage?
Yes, you can get auto insurance that only covers liability and property damage. However, you will need to purchase collision insurance if there is a lien on your vehicle.
Do you need commercial insurance for plowing driveways?
Yes you will need commercial insurance. Just in case you are working and you hurt someone or damage someones property.
Do you need insurance for motorcycle in Delaware?
If you are going to ride your motorcycle on the road, you need insurance. This is in case of property damage or injury to your motorcycle or other person.
How much car insurance do you really need in Massachusetts?
You are required by law to carry Compulsary Insurance Only. This would be Liability and Property Damage. I believe the current limits are 20/40 Liability and 5,000 Property Damage.
Will liability insurance cover damage to a person's vehicle caused by someone else?
NO, liability covers damage you do to someone else's property. Comprehensive insurance covers damage to your vehicle by someone else. If you have no comprehensive, then you will need to look to their insurance for recovery of damages.
Do you need car insurance to drive in Florida?
Yes, you need personal injury protection as well as property damage to drive a vehicle.
Does homeowners insurance cover damage to your neighbor's property caused by construction on your property?
Actually, This is covered under your Contractors General Liability Insurance. If your contracting builder does not have insurance, you need to get rid of him, and find another contractor immediately.
What are the requirements for Michigan car insurance?
In Michigan you are required to have auto insurance or face fines and jail time. You will need personal injury protection, property protection and residual bodily injury and property damage liability insurance.
Do you need car insurance in Florida if you own a car?
In Florida, you are required to have a certain amount of personal injury protection and property damage insurance to drive.
What type of insurance should a landlord have on a rental property?
Homeowner's insurance (since the landlord is the homeowner) with a clause that specifically includes the use of the property as rental property.Additional inclusions might need to be added to address things like potential theft of appliances and damage to the property by the tenants (which could easily exceed many times the value of the security deposit).------------------Each piece of property owned must be insured separately. Thus a homeowner's insurance is for the owner's own home occupied by him/her and family. Most rental properties are insured only for liability and replacement value. You cannot mix homeowner's policies with rental policies.Most landlords strongly recommend that tenants have a tenant's insurance policy in place covering only the tenant's belongings. The landlord is never liable for the tenant's belongings.
