Lease Language – Your New Best Friend
Did you know your lease could be your new best friend? Here’s a few risk tips that may provide you with better protection in the event of a claim:
1. Review your lease regularly with a real estate attorney familiar with local laws and recent cases.
2. Include a Hold Harmless Agreement in the favor of the Insured, and clearly state your right to exercise eviction in accordance with existing Landlord/Tenant Law. This is a critical first defense.
3. Consider adding a provision that requires the Tenant to carry renters insurance for both liability and property, and add wording that the Tenant is not a “Co-Insured” under the owner’s property policy. That way damage to tenant’s contents don’t become your headache, and their liability policy will respond first to many claims arising out of their tenancy and occupation of the premises.
4. Got a pet peeve about things people do on the property? Include Rules and Regulations or some sort of rules of conduct, with a right of eviction if they do not comply.
Want to learn more? Stay tuned, and visit back often for simple sage advice from our Apartment and Condoexperts.