Apartment Rental Insurance Question

Old Apr 24th, 2008, 07:02 AM
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Apartment Rental Insurance Question

Received the lease for our apartment rental in Paris from the owner late last night. Under insurance it says "Please subscribe to a multi-risk insurance policy." I'll call our homeowner's insurance carrier when they open but what kind of insurance do you think this means? Homeowner's? Maybe travel insurance? Thanks.
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Old Apr 24th, 2008, 07:30 AM
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Hi Ronda,

I was baffled by this too last year. I rented from Rentparis a few years ago and they never requested this. But when I rented from lodgis they sent me a link for insurance (all in French). My homeowner's insurance would have covered me (for damages and such)so I just igonored the link and the owner never asked me about it.

Someone else here mentioned that this is more standard procedure for long term rentals, so I think some of the larger angencies just automatically mention it regardless of the situation.
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Old Apr 24th, 2008, 10:15 AM
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I don't know what that exact term means, as I've read posts from others where they were more specific as to the insurance they required. But I can assume they definitely want you to have medical insurance and insurance for your personal belongings for any reason. I don't really know if one's homeowners insurance would cover damage you might make to some other property while you were in it on vacation, good question.
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Old Apr 24th, 2008, 10:34 AM
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Most rental agencies and owners include that sort of language -- but it is very seldom a requirement for renting.

Some will direct you to a linked insurance page where they may or may not get a commission. Others will just recommend you get insurance. It is really just a disclaimer that they are not going cover you and that travel insurance should be considered.

Whether you get it or not is up to you . . . .
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Old Apr 24th, 2008, 11:20 AM
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Ronda, I am not sure what the owner means by a "multi-risk" policy, but the owner we dealt with on our last two Pairs rentals had a note in her "joining instructions" that tenants should ensure that they have liability insurance. The issue, as I understand it, is that an accident on your part, such as letting a tub overflow or leaving the gas on, could result in some kind of claim against you, the tenant.

My homeowner's insurance policy has a section on such liability. It is explicit in stating that I am covered when renting a house or apartment anywhere in the world. (And being the way I am, I called my broker and discussed it, just to be double sure.)

As for medical insurance abroad, I deal with that separately. I don't purchase cancellation insurance.

Anselm
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Old Apr 24th, 2008, 10:04 PM
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Thanks all for the helpful helpful information. I have guests and was unable to call our insurance agent today so will do so first thing in the morning. This is a little more complicated than making a hotel reservation, isn't it.
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Old Apr 25th, 2008, 10:38 AM
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Checked with my State Farm agent this morning. We are covered for personal losses under our homeowners but it does not cover damage to the apartment. My agent suggested that if we need insurance on the premises to ask for a referral to a French agency.
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Old Apr 25th, 2008, 02:31 PM
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I am going through a claim right now with a French insurer called ADAR. The rental agency, my-apartment-in-paris, required insurance for damage to the apartment as well, and it doubles as trip cancellation insurance - the cost was 3% of the rental, or about 30 Euro.

As it turned out, we learned just 1/2 hour before we were to leave that my father-in-law had become gravely ill, and he passed away shortly after. The policy applies to illness of the tenants or "immediate relatives," and requires either 8 consecutive days in a hospital or a death certificate. We've submitted the latter, and are somewhat patiently awaiting a refund. I can't recommend them (yet).

It seems like most of the agencies both recommend and have an agency they will refer you to. The price for this seemed fair. Hope that helps.
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