Rental Property Insurance

Rental Property Insurance

Do you rent out your condo or home? Do you have Homeowners Insurance or Condo Insurance and think you are protected? You Are Not!

Normal Home Owners Policy...Does NOT cover Rental Property

A regular Homeowners Insurance Policy typically covers your building, your contents and third party liability. The insurance company assumes that you, the owner, occupy the premises and are in control.

If you rent out the property for any length of time....a day, a week, a month or perhaps longer...the insurance company will not cover anything if there is a loss. You have a problem and the financial risk is significant, possibly leading lawsuits or bankruptcy.

If your agent tells you not to worry, that your normal policy is OK, look for another broker.

What Are the Risks?

Risk: Third Party liabilities are always a risk.

  • If there is a loss due to a flood or fire that your tenant caused, and you do not have proper Rental Property Insurance, you could find yourself being personally sued by other condo or home owners for their incidental damages.
  • For condo owners, you could be sued by the condo corporation if there was damages to the common elements. It would not be unusual for the renter to sue for their losses as well.

Risk: Imagine that your tenant forgets to turn off the water and floods the neighboring condo units.

Risk: If one of your guests injure themselves in your rented premises and decide to sue.

Risk: If the maid or gardener falls and is injured while on your rented property, don't be surprised when the Mexican authorities knock on your door to advise you that you are responsible for all medical costs, lost wages, and rehabilitation. Its the law in Mexico and it commonly happens.

Risk: Your rented home or condo is burglarized but you don't have Rental Property Coverage.

Risk: You lie to the Insurance Company and take a chance. Then the insurance company discovers the truth when you make a claim. Guess what happens! Claim Denied! Worse yet, the insurance company discovers the truth after-the-fact. Guess what happens! Insurance fraud is what happens! Don't let this happen to you.

You need protection. You need Rental Property Insurance.

Rental Property Insurance

Rental Property Insurance is the same sort of policy that is purchased by a Bed & Breakfast. It covers the contents and provides liability coverage to protect the building or condo owner in the event of a renter causing a fire or a flood for example.

Speak with an Agent now...

Telephone 376-766-4828 (Mexico)

1-888-712-7023 (Toll Free from USA and Canada)

or Email TioCorp Insurance

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If you are a renter, Go to the Renter's Insurance page.

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