Protecting your property from tenants

Here’s why they need their own insurance

Do you rent a property to tenants? To fully protect yourself, you should insist that your tenants carry their own liability insurance.
This type of coverage is included in all tenants’ contents policies. Many insurance companies now insist on this or they will not insure your rented dwelling.
In the event that your tenants do cause damage to your dwelling, and are found to be negligent, their insurer may respond to cover the damage or at least to reimburse your insurance company for the cost of repairs. An example of negligent behaviour would be a fire caused by careless smoking or by a pot left on the stove.
If your tenants do not carry their own insurance, you could be left with a large claim on your record. Or else, depending on the cause of the loss, you might even have to pay for the repairs yourself.