A guide to Insurance for the Landlord and Tenant

There are many things to be aware of whether you are a landlord or tenant in order to make sure your property and belongings are properly protected from the unexpected, but the bottom line is to always make sure your insurance company is consulted in any material change in use or occupancy of any property.  In a worst case scenario, your property may be excluded from coverage and you may experience loss without protection.

For the tenant, it is important have proper TENANT INSURANCE INFORMATION.  While our standard lease requires tenants to hold a minimum of $1,000,000 of coverage in tenant insurance, it is important to protect yourself and your belongings.

If you are THINKING OF RENTING OUT YOUR HOME, it is important to be aware of the risks involved and to be specifically covered for a rented dwelling.

If your property is a part of a condo it is important to know THE DIFFERENCES BETWEEN A PERSONAL CONDO POLICY AND THE CONDO CORPORATION POLICY.

It is always advisable to err on the side of protection rather than exposure.  With insurance, the only safe assumption is to never assume.  There are many INSURANCE MYTHS and ultimately the absolute best approach is to contact your insurance provider and ensure you are fully covered whether you are a landlord or tenant.  EMC Property management has recommended many clients over the years to Costen Insurance based solely on merit and thank them for their permission in linking many of their articles.  Click on these links throughout this blog post to learn more on these specific topics.  We hope you never need to use these policies, but in the event that you do it is good to know you are covered and protected.