Rental Home Insurance

[Ries]

Only in Argentina would a landlord ask a tenant to pay the insurance cost for the owners house. Years ago we had that same request in the argentina realtor provided contract. A line item stating for us to search the insurance policy and pay. It was a ridiculous request that we ignored for 4 years, including contract renewals. even though we were reminded every so often. I assumed it could not be enforced. Why would a landlord risk their property with the complications of a policy that is not in their name?

In US we landlords pay the insurance on our long term and short term rental properties, and simply have that as one of the many costs that are used to decide the lease price. Then I also remind the tenants that if they want their personal property to be insured they should get their own cheap insurance as a renter.

It is extremily common in the USA for landlords to require tenants to have insurance. It does not replace separate property owners insurance, but it cover tenant caused problems and protects tenants as well.
This is certainly not an Argentina only issue.
I have been a landlord, and I have always had my own insurance, as well as asking tenants to have theirs.
Seems pretty standard to me, on the West Coast, for 30 years or so.
Is all Argentine tenant insurance a replacement for owners insurance, or just a supplement?

 

[Smurf]

Thanks for all your input this insurance broker is now trying to reduce the insurance coverage compared to last year on important elements like for the public liability, fire etc. by 50% without asking. They also said so many windows got broken in the country last year that the insurance price for this has gone up but instead of charging me more to have the appropriate coverage they are trying to reduce my jnsurance coverage and still charge more. I have never heard of an jnsurance broker of their own accord reducing coverage have any of you? I am wondering if the insurance is giving them less commission and they are trying to get me to move to another insurance with them like Holanda to make more commission. I don’t know Holanda

 

[carride]

It is extremily common in the USA for landlords to require tenants to have insurance. It does not replace separate property owners insurance, but it cover tenant caused problems and protects tenants as well.
This is certainly not an Argentina only issue.

My understanding of the original post was the landlord requesting the tenant to have the only insurance policy to cover everything on the owners home, or the owner asking the tenant to directly pay the periodic bill of the owners policy. Did I misunderstand? @Smurf you were simply asking about a policy as a renter?

Similar to the common argentina situation of many tenants made responsible for paying the electric and other expenses while the bills are still in the owners name. The tenant must run around to deal with payments while not gaining any credit or good historical record.

 

[Paige55]

Hi, all. I have Santander and also thought about buying their apartment insurance plan. I am in a studio so it seems they'd cover more than enough to replace my belongings if they happened to be damaged and just figure it'd be a good idea. The thing is, are these policies the same as in the US. Where you buy in but when you need them they find reasons to deny the coverage you've been paying for? It's no that they are exorbitant amounts, but I'm already living paycheck to paycheck as all prices are rising so high, to add a plan to my monthly costs would hurt the billfold even more and if they're going to give me the runaround when it's time to use the service it'd be nice to know. Anyone ever had to file a claim with theirs?

 

[Alby]

Hi, all. I have Santander and also thought about buying their apartment insurance plan. I am in a studio so it seems they'd cover more than enough to replace my belongings if they happened to be damaged and just figure it'd be a good idea. The thing is, are these policies the same as in the US. Where you buy in but when you need them they find reasons to deny the coverage you've been paying for? It's no that they are exorbitant amounts, but I'm already living paycheck to paycheck as all prices are rising so high, to add a plan to my monthly costs would hurt the billfold even more and if they're going to give me the runaround when it's time to use the service it'd be nice to know. Anyone ever had to file a claim with theirs?

It's a good reminder. I bought the Santander policy as I needed something to stop them charging me the account keeping fee. The building administrator says a policy additional to the consorcio policy never goes astray. But, now your post makes me wonder if the cost of it really adds up.

 

[Paige55]

It's a good reminder. I bought the Santander policy as I needed something to stop them charging me the account keeping fee. The building administrator says a policy additional to the consorcio policy never goes astray. But, now your post makes me wonder if the cost of it really adds up.

I was just assuming that any building policy wouldn't cover loss of my personal items (furniture, clothes, electronics) so that it might be a good get. But, I also know it's expensive and if they're going to try and give me the run around if I ever need to use it and deny claims like a lot of US insurance companies do, I really can't afford to pay it. My maintenance fee at the bank is a lot less than the quote for insurance for the apartment but I know every client is likely different.

 

[Alby]

I'm looking around at my belongings now and doing the math. 43,000 pesos per month forever doesn't add up. Nor then does spending 43,000 to save 10,000. Very helpful discussion.