Insurance on a commercial rental property?
I have a ranch with a mobile home that have for lease in Florida. The ranch 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 have a ranch hand live there.
I was wondering how to insure this property. While I don’t really care about 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 tenants obtain their own insurance for the property? What if they do not and something happens, will the lease protect me from legal action against the property?
What kind of insurance should I, or they, look for?
Thanks
Filed under: Pet Insurance
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I would get 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.
the best way to insure this would probably be on a farmowners policy with horse liability added to it. this way you can cover all your structures and have the liability coverage you need. it would be a GREAT thing to make your renters carry insurance along with liability, but the problem is enforcing that. Talk to an independent agent about writing you a policy that will cover you well.
If they are renting the place then they should get rental insurance, covers their contents and damages from fires and such, and if someone gets hurt on the property. I live in an apartment and have rental insurance as the property owners are not liable for anything that happens in my apartment.
First responder is basically correct. You can demand, as part of the original lease or any renewal, that the tenant exhibit liability coverage showing you as a named insured.
You could have the tenants buy their OWN insurance and list YOU as an "additional named insured" like 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 normally referred to as "Lessor’s Risk only"