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Part of my lease stated I need to have renters insurance, fine, I got that. However now the person who owns my unit says HE and the Management company need to be ON the actual policy. I called my insurance company and they said he can only be listed as an interested party. I'm not sure what to do. He said if I do not fix this he will begin the eviction process.
I was told by my insurer that the "interested Party" designation means they will be informed if you drop or change your policy. I needed it for my co-op and the managing company. That was good enough for my co-op.
My first thought was "why am I insuring OTHERS" but that's not the case.
That insurance requirement still has me bristling though. Why should I be forced to insure my property?
they want to make sure you have renters insurance since any damages you caused they at least can sue your insurance company for.'
they also want to make sure you have insurance so they dont get dragged into a law suit that is caused by others.
as an example a pipe under the sink in my sons co-op broke and flooded 2 apartments below. the tenants tried to sue my son for damage that was done to personal items.
since it wasnt the fault of my son or work he did each person had to collect from their own insurance company and the co-op would take care of the pipe and the ceilings. . the person who lived 2 levels below was a renter who was renting the co-op from an owner and the renter had no renters insurance. he tried to sue the owner of the apartment as well as my son and lost .
people with no renters insurance try to sue everyone if something happens and having your own policy you can collct on is a big issue.
they really should only be an interested party though.
If I try to ad someone they ask me for their social security number. And I have had a few insurance companies flat out tell me that they will not add someone for anything except an interested party. I am very confused as are my parents.
No, if it is your insurance, (which you really should have) do not include the owners name on it. It is not his, he should have insurance on the unit itself, which he probably does.
Your insurance will cover your belongings, not the walls or kitchen cabinets, his will do that. The buildings insurance will include replacing the electrical, plumbing pipes, windows and stuff like that.
No, I would not include your LL on any of you personal paperwork. Do not do that, no matter what he says.
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