Quote:
Originally Posted by tool001
its my first time renting out my condo, so im not sure.
when i rent my unit, does tenant usually get liability insurance or am i responsible for it, i.e washing machines or dishwasher leaks water and destroys unit below.
also does addendum needs to be mentioned in RTA or does it holds its own.
thanks
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The holding of the insurance policy is not a standard clause in the RTA. You should add and have this in writing with agreement by you and tenant.
Both you (landlord) and tenant should be holding your own insurance policies.
It's kind of the same analogy as if there are 2 drivers and they get into an accident (one holds an insurance policy and one doesn't) and one of the party is at fault. You have a general idea on how the parties can go after each other. Same situation would apply if both parties hold an insurance policy.