I have a question. My neighbor had a water leak that damaged my condominium. I had a tenant that had to move out due to severe damage to the property. She got her deposits, partial credit and prepaid rent back. The lease agreement ended on July 11, claim was submitted on May 16. Repairs (estimate) was approved on July 15 and it will take a month to do the rebuilds. My insurance company pay me loss of income until the expiration date on the lease agreement July 11, but cannot rent out the place because the repairs are not finished and will take at least a month. Should my insurance company pay until the date that the place is ready?
If I don't have an LLC and decide to have the rental property (duplex) in my personal name along with my wife, would it be ok to have the landlord (umbrella) insurance on it instead of having an LLC?
A very informative video that clearly explains the concept of insurance coverage. It gives a complete idea of how much tenants insurance you need to keep your dream home safe from theft, flood, fire etc. While consulting an insurance broker, always go for customized insurance solutions depending on your need and the amount you can afford. To learn more: www.cluettinsurance.ca/insurance/home-property-coverage/
I have a question. My neighbor had a water leak that damaged my condominium. I had a tenant that had to move out due to severe damage to the property. She got her deposits, partial credit and prepaid rent back. The lease agreement ended on July 11, claim was submitted on May 16. Repairs (estimate) was approved on July 15 and it will take a month to do the rebuilds. My insurance company pay me loss of income until the expiration date on the lease agreement July 11, but cannot rent out the place because the repairs are not finished and will take at least a month. Should my insurance company pay until the date that the place is ready?
If I'm having my relatives in my house that I don't live in and they're just covering cost is it still tenants insurance?
Thank you.
If I don't have an LLC and decide to have the rental property (duplex) in my personal name along with my wife, would it be ok to have the landlord (umbrella) insurance on it instead of having an LLC?
Both an umbrella and an LLC are important. They’re like the quarterback and the running back or your protection plan.
Right
Great vid, thanks! Liability is #1 for me.
For sure. Us too.
Informational
A very informative video that clearly explains the concept of insurance coverage. It gives a complete idea of how much tenants insurance you need to keep your dream home safe from theft, flood, fire etc. While consulting an insurance broker, always go for customized insurance solutions depending on your need and the amount you can afford. To learn more: www.cluettinsurance.ca/insurance/home-property-coverage/