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... Most renters don't have it - and if I was a renter, I would take my chances and not purchase it. More than likely nothing will happen to the house. If it does, it will most likely not be your fault. And if it is, what are the chances of them proving it was your fault? I wouldn't do it. But it would be the safer route. |
1. Tenant's liabiity insurance is usually packaged with a renter's property insurance - they rarely are separate. We regularly read reports of fires where tenants lost everything and were uninsured.
2. The landlord and/or his inurance company aren't the only ones who can sue a tenant. Liability covers you against any 3rd party. If your overflowing bathtub damages another apartment, the tenant of that apartment can also sue you. And probabaly will, because, like you, he was too cheap to insure his own contents too. If you have visitors who get bitten by your vicious dog, they can sue you. If you have a party and everyone gets food poisoning from your home-made hors d'oeuvres. they can all sue you. If you let your guests drive home stone drunk, and they kill some innocent bystanders, you can bet the victims' families will be looking for someone to sue.
Last edited by OhGreatGuru; Yesterday at 09:17 PM.
Source: http://www.canadianmoneyforum.com/showthread.php?t=8533
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