From: "speednxs" 
Newsgroups: misc.invest.real-estate
Subject: Re: Renting out condo, what insurance?
Date: 12 Sep 2005 13:39:22 -0700
   posting-account=fla3SwwAAACpQx8A3R0jnxE0Ih0MG6aS

> So do i need some kind of property and liability insurance?

You need a "rental" or "landlord" policy.  There could be tens of
thousands of dollars of uncovered items if the property burns down.
Kitchen cabinets, appliances, carpets, fixtures etc.. Everything from
the paint on in, as they say.  You absolutely need liability insurance.
 Maybe even a $1 million umbrella policy.  Ask your insurance agent
about what is and isn't typically covered.

Your renter needs "renters insurance".  This covers all his/her stuff.
You are not an insurance company and should not be in the business of
insuring his goods.  You don't want to pay off on his $15,000 stamp
collection that nobody has ever seen, that dissappeared during the hair
dryer fire.

You should put in your rental agreement that the renter is required to
have (current) renters insurance.  (You mortgage holder requires you to
have insurance on your dwelling.) This covers you if he later tries to
make a claim against you.  Your landlord insurance almost certainly
doesn't cover your renter's stuff.

Talk to an insurance agent!