do i need tenant insurance or have tenant get insurance
 

its my first time renting out my condo, so im not sure.

when i rent my unit, does tenant usually get liability insurance or am i responsible for it, i.e washing machines or dishwasher leaks water and destroys unit below.

also does addendum needs to be mentioned in RTA or does it holds its own.


thanks

You need it and tenant needs it. They cover different things.

You can add an addendum to require the tenant to hold Tenant's Insurance (content insurance).

I own a townhouse and require my tenants to have it....and on top of that, I also hold content insurance. This includes appliances, cabinets, fixtures, etc.

Double check your strata....some by-law will require your renter to have it as well.

I'm in the exact situation, but I'm the tenant.

The landlord mentioned that we should get insurance for said situations, but I'm not entirely sure what it covers, and where I should go, how much it'll cost, etc.

We've just moved in, so now it's settled down and I want to look into this...can anyone give me a brief rundown of what my responsibilities are and what the landlord's are, and where is a good place to shop around for insurance?

The landlord doesn't speak English very well, so when I asked him about the insurance he just told me to go to an insurance broker...lol

TIA

(Sorry about threadjack)

Insurance is there to protect parties and individuals that result in loss from events of unforeseen circumstances.

As a Landlord, I recommend to purchase rental insurance. Make sure to review the policy and know what it covers - liability, contents, betterments and water leakage (this is HUGE and cannot be overlooked)

As a Tenant, I recommend to purchase tenant insurance to cover your own personnel contents and incidents that may displace you or any liability issue.

Here is the one problem I see, Landlord can try to enforce the tenant to purchase their own insurance but in this day of an age it's up to the discretion of the tenant themselves to purchase their own insurance policy. A landlord may include this in the RTA but this may also be a adverse factor to get the unit rented.

You should definitely purchase tenant insurance. An annual policy starts from $200 per year and the sky is the limit.

The insurance policies offered are generally for basic comprehensive coverage that covers up to a certain amount.

If you want all the bells and whistles and extended coverage the premium can add up.

Why should you purchase insurance (as a tenant)?
If you don't have insurance and your home gets broken into, someone slips and fall becomes disabled on your property or your pipes burst then you'll be left to pay and remedy those events.

Where do you buy tenant insurance?
All major home insurance providers in the area you live in. I would compare the quotes and the amount of coverage you get.

The holding of the insurance policy is not a standard clause in the RTA. You should add and have this in writing with agreement by you and tenant.

Both you (landlord) and tenant should be holding your own insurance policies.

It's kind of the same analogy as if there are 2 drivers and they get into an accident (one holds an insurance policy and one doesn't) and one of the party is at fault. You have a general idea on how the parties can go after each other. Same situation would apply if both parties hold an insurance policy.