I have a house that I will be renting, a friend of mine that
by Guest » Tue Jun 09, 2009 01:36 am
is it a good idea to have an error and ommisions for renting a house and why.
Total Comments: 6
Posted: Tue Jun 09, 2009 01:49 am Post Subject:
I can't imagine why on earth you'd need an E & O policy...That really doesn't make much sense to me, in your situation. Did this 'friend' tell you why? And what is this friends experience, or knowledge regarding insurance?
You do need to change your HO policy to a non-owner occupied, or rental policy....I haven't dealt with dwelling/HO policys for several years, (there are other adjusters on this board that do, and hopefully will pop in on this thread soon)...but when I did, I also had a rental property of my own at the time. I had to have a standard dwelling/fire (named peril) policy but I put nearly every endorcement on it I could. One that you will want to make sure you have is a landlord/tenant liability endorcement. I can't remember the exact name, but am sure your agent will know what to recommend for you...Just be sure that you are insured against the perils that are relevant to your area...
Posted: Tue Jun 09, 2009 05:25 am Post Subject:
is it a good idea to have an error and ommisions for renting a house and why.
I guess E&O insurance is required by professionals in order cover themselves against professional mistakes, omissions and errors. When it comes to real estate Agents, Managers, Appraisers, Brokers, Consultants may use it. So, I don't think you have any requirement for this type of coverage.
Did anyone tell you that you need it? If so, it would be interesting to know the reason.
Steven
Posted: Tue Jun 09, 2009 06:15 am Post Subject:
is it a good idea to have an error and ommisions for renting a house and why.
Of course not!! You don't need it to rent your house. It is meant for people or companies that offer certain services where a mistake can cause financial loss to a third party.
In your case you may buy non-owner occupied, or rental policy like Lori has pointed out. I hope we've been able to help. However, we'd all like to know the reason why your friend has suggested this E & O policy (if at all he's suggested it).
Posted: Tue Jun 09, 2009 06:29 am Post Subject:
I'd go with Lori, as the landlord you might need to maintain coverage to protect yourself against probable losses to the property, but I don't see a scope of E&O coverage. May be bit more information from your side would help us see the light.
~Jeremy
Posted: Tue Jun 09, 2009 06:35 am Post Subject:
Hi Guest, what you may need is landlord insurance.
It would cover the legal expense if a dispute arises between the tenant and the property owner. Further, it'd also cover prospective rental losses if the property gets damaged in the future. But I'd agree with the rest of the posters E&O might not be your requiremnt.
Have you aksed your friend why he has suggested it to you?
Posted: Tue Jun 16, 2009 05:09 pm Post Subject: I have a house that I will be renting, a friend of mine that
Hello,
Having a valid rental/lease agreement that is in compliance will all state/local/municipal laws can be vital in preventing erroneous lawsuits against you as a landlord. A landlord may try to give notice in the lease agreement as to his/her liability but that notice must comply with applicable statutes. Please consider consulting with a legal expert in this area to advise you on this area and all the aspects of landlord and tenant rights in your area.
Hope this helps.
Posted: Tue Jun 09, 2009 01:49 am Post Subject:
I can't imagine why on earth you'd need an E & O policy...That really doesn't make much sense to me, in your situation. Did this 'friend' tell you why? And what is this friends experience, or knowledge regarding insurance?
You do need to change your HO policy to a non-owner occupied, or rental policy....I haven't dealt with dwelling/HO policys for several years, (there are other adjusters on this board that do, and hopefully will pop in on this thread soon)...but when I did, I also had a rental property of my own at the time. I had to have a standard dwelling/fire (named peril) policy but I put nearly every endorcement on it I could. One that you will want to make sure you have is a landlord/tenant liability endorcement. I can't remember the exact name, but am sure your agent will know what to recommend for you...Just be sure that you are insured against the perils that are relevant to your area...
Posted: Tue Jun 09, 2009 05:25 am Post Subject:
is it a good idea to have an error and ommisions for renting a house and why.
I guess E&O insurance is required by professionals in order cover themselves against professional mistakes, omissions and errors. When it comes to real estate Agents, Managers, Appraisers, Brokers, Consultants may use it. So, I don't think you have any requirement for this type of coverage.
Did anyone tell you that you need it? If so, it would be interesting to know the reason.
Steven
Posted: Tue Jun 09, 2009 06:15 am Post Subject:
is it a good idea to have an error and ommisions for renting a house and why.
Of course not!! You don't need it to rent your house. It is meant for people or companies that offer certain services where a mistake can cause financial loss to a third party.
In your case you may buy non-owner occupied, or rental policy like Lori has pointed out. I hope we've been able to help. However, we'd all like to know the reason why your friend has suggested this E & O policy (if at all he's suggested it).
Posted: Tue Jun 09, 2009 06:29 am Post Subject:
I'd go with Lori, as the landlord you might need to maintain coverage to protect yourself against probable losses to the property, but I don't see a scope of E&O coverage. May be bit more information from your side would help us see the light.
~Jeremy
Posted: Tue Jun 09, 2009 06:35 am Post Subject:
Hi Guest, what you may need is landlord insurance.
It would cover the legal expense if a dispute arises between the tenant and the property owner. Further, it'd also cover prospective rental losses if the property gets damaged in the future. But I'd agree with the rest of the posters E&O might not be your requiremnt.
Have you aksed your friend why he has suggested it to you?
Posted: Tue Jun 16, 2009 05:09 pm Post Subject: I have a house that I will be renting, a friend of mine that
Hello,
Having a valid rental/lease agreement that is in compliance will all state/local/municipal laws can be vital in preventing erroneous lawsuits against you as a landlord. A landlord may try to give notice in the lease agreement as to his/her liability but that notice must comply with applicable statutes. Please consider consulting with a legal expert in this area to advise you on this area and all the aspects of landlord and tenant rights in your area.
Hope this helps.
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