What is the name of your state? California
Hi, I am a fairly new landlord and I just wanted to ask a couple questions on financial liability that the landlord is responsible for their tenants on. Any help would be very much appreciated! The setting for these questions is a multi-residence condo building where I own and lease out one of the units.
1.) If the tenant destroys the condo unit and bails, obviously the landlord is financially responsible for repairing the unit. Are there any insurance policies that would cover this were it to happen?
2.) If the tenant destroys common property (a hallway for example) that is shared by multiple residences, or destroys someone else's property, I believe the landlord is again liable? Are there insurance policies that would cover this were it to happen?
3.) If the tenant injures another person in the building, is the landlord financially liable for any medical bills of the victim? Again and sorry for sounding like a broken record, but are there any insurance policies that would cover this were it to happen?
4.) Why do some landlords require their tenants to get renters insurance for their personal contents in the unit? Are landlords financially liable to replace these items in the event of fire, theft etc.?
Again thanks for any help!
Hi, I am a fairly new landlord and I just wanted to ask a couple questions on financial liability that the landlord is responsible for their tenants on. Any help would be very much appreciated! The setting for these questions is a multi-residence condo building where I own and lease out one of the units.
1.) If the tenant destroys the condo unit and bails, obviously the landlord is financially responsible for repairing the unit. Are there any insurance policies that would cover this were it to happen?
2.) If the tenant destroys common property (a hallway for example) that is shared by multiple residences, or destroys someone else's property, I believe the landlord is again liable? Are there insurance policies that would cover this were it to happen?
3.) If the tenant injures another person in the building, is the landlord financially liable for any medical bills of the victim? Again and sorry for sounding like a broken record, but are there any insurance policies that would cover this were it to happen?
4.) Why do some landlords require their tenants to get renters insurance for their personal contents in the unit? Are landlords financially liable to replace these items in the event of fire, theft etc.?
Again thanks for any help!
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