Condo owners who rented it out: Did you still keep home insurance on it?
For those of you who are condo owners and rented it out, did you keep a home insurance plan on it after your renters moved in?
-Assume no restrictions of any sorts from condo board
-I don't care about the few furniture pieces I left (all old Kijiji stuff)
-Our Tenants have their own renter insurance that covers their own furniture and civil liability
I just called today to cancel it (it was empty before so thats why we had one) and in true fashion, insurance company tried to scare me in not cancelling. They say that even if renters have an insurance plan, i still need one to cover:
-Any enhancements I made in the condo compared to its original form (this will be hard since its an old building built in the 1900s that got renovated throughout the years. I didn't put a single dime in it in past 5 years I lived there)
-Rental revenue coverage up to 10k in case there's something that would force the tenants to be temporarily relocated to a hotel, we would be covered for the lost in revenue.
Trying to figure out if this is a scare tactic and spreading of FUD (Fear, Uncertainty & Doubt) that is classic 101 sales or its something I actually need.
Thanks for the insight
-Assume no restrictions of any sorts from condo board
-I don't care about the few furniture pieces I left (all old Kijiji stuff)
-Our Tenants have their own renter insurance that covers their own furniture and civil liability
I just called today to cancel it (it was empty before so thats why we had one) and in true fashion, insurance company tried to scare me in not cancelling. They say that even if renters have an insurance plan, i still need one to cover:
-Any enhancements I made in the condo compared to its original form (this will be hard since its an old building built in the 1900s that got renovated throughout the years. I didn't put a single dime in it in past 5 years I lived there)
-Rental revenue coverage up to 10k in case there's something that would force the tenants to be temporarily relocated to a hotel, we would be covered for the lost in revenue.
Trying to figure out if this is a scare tactic and spreading of FUD (Fear, Uncertainty & Doubt) that is classic 101 sales or its something I actually need.
Thanks for the insight