Landlord as beneficial on rental insurance

[sohnaf]

What is the name of your state? Ohio

My landlord is asking its residents to include them as beneficial on our rental insurance. This does not make sense to me. What does this mean in terms of what will happen if something do happen to the property? How would they benefit as beneficial, or how would the resident benefit or suffer? It is a good idea? Thanks.

 

[seniorjudge]

It's beneficiary and ask your insurance carrier if he has ever heard of such a thing.

 

[ecmst12]

It means if you damage the landlord's property, he can collect from your insurance. Technically, he can do this anyway, but this makes it easier for him. It also means that if you cancel the policy or let it lapse due to non-payment, they can inform him.

 

[HomeGuru]

What is the name of your state? Ohio

My landlord is asking its residents to include them as beneficial on our rental insurance. This does not make sense to me. What does this mean in terms of what will happen if something do happen to the property? How would they benefit as beneficial, or how would the resident benefit or suffer? It is a good idea? Thanks.

**A: yes it does make sense.

 

[moburkes]

What is the name of your state? Ohio

My landlord is asking its residents to include them as beneficial on our rental insurance. This does not make sense to me. What does this mean in terms of what will happen if something do happen to the property? How would they benefit as beneficial, or how would the resident benefit or suffer? It is a good idea? Thanks.

He wants to be added as additional insured/interest on your policy, and, yes, it is perfectly normal practice.