Ticket #349 (closed enhancement: invalid)
|Reported by:||ricardo_tressler@…||Owned by:||xi|
It's curious that even sophisticated investors; attorneys, real estate agents, physicians, etc. If you enjoyed this article and you would like to obtain more details regarding florida condo insurance kindly see the page. , will call our office to get quotes on condominium models where they reside, to make certain they shield their assets (contents, home, obligation). We might suppose they'd protection for models they book, but we're surprised at how several investors fail to procure coverage for condo units that are investing properties, when these coverages come up for renewal! I'd dare say that 60% of customers have completely no coverage for those rental units. Not only do they not shield themselves, but they don't even need in the rentals that their tenants get a renter's plan!
It Is common pattern for landlords in office blocks, warehouse complexes and shopping centers to require that all their renters carry liability insurance. Why? So, these landlords don't enable a tenant to move in until they show proof which they secured liability insurance. They're going to pursue the possessor, if something occurs for the reason that unit due to that renter. At the same time, the owner of the unit doesn't even carry his own policy contract!
A case which occurred to one of our customers; he rents his component into a nice family. We made sure he'd the proper coverage. At some point later, our customer got a call from an attorney saying a 5 year old child member of the household of the tenant was scalded by hot water in the bath. The lawyer was secured by the family and is suing for the injuries to the child and WILL be coated from the insured's condominium policy. This is a case where, because the insured had proper coverage, the insured was able to shield his assets. The injured party (child and family) were indemnified for the traumas and created whole.
Please, if you read this and you happen to be a proprietor of a residential condominium unit that you are renting, PHONE YOUR BROKER and protected coverage. At least liability insurance to protect yourself. We additionally recommend needing at least a minimum of $300,000, or in today's litigious society, at least $1,000,000 in liability coverage. Protect your assets and have reassurance!
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