Suddenly, My Landlord Wants Me To Have Fredericksburg, VA Renters Insurance…
Landlord Wants Me To Obtain Fredericksburg Renters Insurance In The Middle Of My Lease
Fredericksburg, VA Renters Insurance is important. Everyone should have it. Only forty-four percent of American renters are properly protected. But there’s a big problem here.
In the middle of my lease
Nope. We sell, service, live, love, and breathe renters insurance and a demand to change the lease terms in the middle of the lease would still raise our hackles. It wouldn’t be an issue, because we’d already have the coverage, but we understand where the poster is concerned. Apparently, the owner changed property management companies and the new company is asking this. That’s all well and good, but changing management companies doesn’t change your lease.
Notwithstanding the above, you still should have the coverage. Whether someone else burns the building down or you do, one day you’ll be glad for it. Remember that your neighbors are unpredictable and you know absolutely nothing about them. Renters insurance in Fredericksburg protects you from those risks as well as the risk of your own negligence.
Owner And Property Management Listed As Additional Insured
This is not a great idea for another reason. It’s a quite simple reason, and it’s quite common.
Additional insured status works differently on commercial policies than it does on personal policies, and whomever is making this ask is used to dealing with commercial policies.
If you were a contractor, you would want your subcontractors to list you as additional insured, in case they make a mistake and the person to whom you’re contracting needs to be made whole – you want the policy of the person who made the error to pay, not your own, in a perfect world.
But you’re not a contractor. You’re an individual with a personal Fredericksburg Renters Insurance policy. Listing the property management and owner as additional insured could be disastrous for both of you. Listing them as additional insured runs the risk of them being construed as being insured under the policy.
Liability is a third-party coverage, and it’s designed to protect people who are not insured under the policy. If you list them as additional insured, they’re insured under the policy and likely not eligible to make a claim against your liability coverage. That would make it difficult for them to recover if you did serious damage to the premises, and it would make it difficult for you to get the claim paid in the same instance.
Generally speaking, no one other than household residents should be listed as insured under your policy, and you should not list additional insureds on a personal policy except in very rare circumstances. To find out more, or to find out how affordable it can be to get covered, just call (800)892-4308 or click to get covered - whether you need Fredericksburg renters insurance quotes online or coverage anywhere else!
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Photo Credit: Jim Bowen Kenmore House CC BY 2.0