just curious - my sister is renewing her lease at her apartment building.
Her renewal lease has the following paragraph in it:
As stated above, you have the option to provide your own liability insurance policy through your insurance agent as long as it meets the requirements listed above. Or you can purchase a policy through Grandridge Apartments for $10 per month which will be in addition to your monthly rent.Please note: Our new leases have the following clause:"Insurance: Tenant shall be obligated to maintain liability insurance protection for Landlord. Coverage is required in the amount of One hundred thousand dollars ($100,000) for damage to Landlord's and third party's property with provisions covering at least perils of fire, explosion, sewer backup, smoke, and accidental water discharge. Landlord shall be named as an additional insured or listed as an interested Party on Tenant's policy. Such policy shall be written as a policy not contributing with and not in excess of coverage which landlord may carry. It is agreed that landlord carries insurance for its protection and that tenant is not a beneficiary of such insurance. Tenant shall be responsible to landlord for all costs of repair for damages as stated herein and in the lease regardless of insurance that landlord may carry. Tenant shall be automatically enrolled in liability insurance provided through landlord. The charges listed under Liability Insurance shall abate if Tenant procures its own insurance and meets the requirements outlined in this paragraph"
Is this for real???? I mean isn't it the landlord's responsability to carry this insurance and that's why he collects a security deposit?
Any idea if this is valid?
Thanks.
Her renewal lease has the following paragraph in it:
As stated above, you have the option to provide your own liability insurance policy through your insurance agent as long as it meets the requirements listed above. Or you can purchase a policy through Grandridge Apartments for $10 per month which will be in addition to your monthly rent.Please note: Our new leases have the following clause:"Insurance: Tenant shall be obligated to maintain liability insurance protection for Landlord. Coverage is required in the amount of One hundred thousand dollars ($100,000) for damage to Landlord's and third party's property with provisions covering at least perils of fire, explosion, sewer backup, smoke, and accidental water discharge. Landlord shall be named as an additional insured or listed as an interested Party on Tenant's policy. Such policy shall be written as a policy not contributing with and not in excess of coverage which landlord may carry. It is agreed that landlord carries insurance for its protection and that tenant is not a beneficiary of such insurance. Tenant shall be responsible to landlord for all costs of repair for damages as stated herein and in the lease regardless of insurance that landlord may carry. Tenant shall be automatically enrolled in liability insurance provided through landlord. The charges listed under Liability Insurance shall abate if Tenant procures its own insurance and meets the requirements outlined in this paragraph"
Is this for real???? I mean isn't it the landlord's responsability to carry this insurance and that's why he collects a security deposit?
Any idea if this is valid?
Thanks.