My client is wanting to rent a condo. The landlord is asking the tenant/my client to pay for a one million dollar liability insurance policy. What is the ballpark cost of this and is that excessive? The condo is in Del Mar CA and is furnished. The condo has hardwired smoke detectors, a one year lease, only one renter, a non smoker.
Your help is appreciated,
Thanks for visiting our site and posting on the forum. It’s very common for landlords to require tenants to purchase renters insurance as one of the stipulations of the lease. In terms of the amount of insurance required and whether that’s standard, as well as the cost of the policy, those are things you or the tenant would need to ask an insurance provider. If the tenant has auto insurance or other insurance policies, most companies give a multi-policy discount, so he/she may want to contact his/her own insurance company first. Otherwise, a quick online search will let you know what companies provide renters insurance in the area.
All the best,
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