Insurance on a commercial rental property?
I have a ranch beside a mobile home that have for lease in Florida. The fish farm is zoned commercial is most likely going to be used for a horse business. The owners will probably chose to live in the mobile or own a ranch hand live here.
I was wondering how to insure this property. While I don't really care going on for the home or the structures on the property, I want to make sure that if someone breaks their leg while riding a horse I will not lose the property.
Could I require, in a lease that the tenant obtain their own insurance for the property? What if they do not and something happens, will the lease protect me from decriminalized action against the property?
What kind of insurance should I, or they, look for?
Thanks
Answers:
First responder is basically correct. You can demand, as cog of the original lease or any renewal, that the tenant exhibit liability coverage showing you as a named insured.
the best passageway to insure this would probably be on a farmowners policy with horse liability added to it. this way you can cover adjectives your structures and have the liability coverage you need. it would be a GREAT piece to make your renters carry insurance along near liability, but the problem is enforcing that. Talk to an independent agent about writing you a policy that will cover you economically. Source(s): agent
You could have the tenants buy their OWN insurance and document YOU as an "additional named insured" similar to some are saying but you could also buy your OWN policy that would cover this and any other properties that you might own and lease out - might vary from State to State but in general referred to as "Lessor's Risk only" Source(s): Independent insurance agent for 27+ years
If they are renting the place after they should get rental insurance, covers their contents and damages from fires and such, and if someone gets hurt on the property. I live contained by an apartment and have rental insurance as the property owners are not liable for anything that happens surrounded by my apartment.
I would get hold of Dental Insurance cuz what ifs they falls of there horses and they bust a tooth. Its more happenable that they would bust a tooth than to break a leg. Dos you want to be payin for somebody to be havin tooth work done? I knows I wouldn't.
Related Questions:
I was wondering how to insure this property. While I don't really care going on for the home or the structures on the property, I want to make sure that if someone breaks their leg while riding a horse I will not lose the property.
Could I require, in a lease that the tenant obtain their own insurance for the property? What if they do not and something happens, will the lease protect me from decriminalized action against the property?
What kind of insurance should I, or they, look for?
Thanks
Answers:
First responder is basically correct. You can demand, as cog of the original lease or any renewal, that the tenant exhibit liability coverage showing you as a named insured.
the best passageway to insure this would probably be on a farmowners policy with horse liability added to it. this way you can cover adjectives your structures and have the liability coverage you need. it would be a GREAT piece to make your renters carry insurance along near liability, but the problem is enforcing that. Talk to an independent agent about writing you a policy that will cover you economically. Source(s): agent
You could have the tenants buy their OWN insurance and document YOU as an "additional named insured" similar to some are saying but you could also buy your OWN policy that would cover this and any other properties that you might own and lease out - might vary from State to State but in general referred to as "Lessor's Risk only" Source(s): Independent insurance agent for 27+ years
If they are renting the place after they should get rental insurance, covers their contents and damages from fires and such, and if someone gets hurt on the property. I live contained by an apartment and have rental insurance as the property owners are not liable for anything that happens surrounded by my apartment.
I would get hold of Dental Insurance cuz what ifs they falls of there horses and they bust a tooth. Its more happenable that they would bust a tooth than to break a leg. Dos you want to be payin for somebody to be havin tooth work done? I knows I wouldn't.
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