Rental Dwelling Insurance Multiple Locations

Oct 24, 2015

  1. gurimofi
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    gurimofi New Member

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    Hi,
    If my business own 2 properties in different location in nevada.
    One is a condo and the other is SFR.
    I have a Rental Dwelling Insurance policy for under my business name and the location in this policy is the SFR address.

    1.Does this policy cover the condo also (because both the SFR and the condo belong to the buisness) or I need to create another seperate Rental Dwelling Insurance for the condo?

    2.The leasing contracts with our tenants is under the business owner name and not under the business name, so if there will be any calim against the policy it will come toward the buisness owner,
    Does the Rental Dwelling Insurance will automatically cover any claims against the owner itself regarding the property or we must add the owner to the policy as a beneficiary too?

    Thank you !!!!
     
    Last edited: Oct 24, 2015
    gurimofi, Oct 24, 2015
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  2. hesse
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    hesse Guru

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    Couple things

    If you have an insurance policy on the SFR it will not automatically cover the condo. It may be able to be added to the same policy depending on what type of policy but you need to tell your agent you bought a condo.

    Your insurance policy is only designed to cover your liability and your property. Rental policies have very little coverage for personal property basically enough to cover the appliances in it. I would not add a renter as an additional insured.

    The renter needs to carry a renters insurance policy. This will cover their personal property and cover there liability.


    Last note is why didn't you call your agent on this?

    This is exactly why people shouldn't buy direct from companies with no agent.
     
    hesse, Oct 24, 2015
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