The property is located in British Columbia, Canada, but I be wondering in common if there is ever a requirement for owners to enjoy fire insurance before they are permitted to rent the property.
Answers: Legally, no. By contract? Maybe.
If you're using a material estate agent, then they will require you to own property insurance, AND liability insurance, on that property, that you want them to manage.
If there's a LOAN on the property, next your contract with the sandbank will require you to carry property insurance.
But if you're managing it yourself, and there's no loan, next you don't have to insure it. If the place burns down or tenant vandalize it, though, there isn't any coverage, logically.
There is no provincial statute or municipal by-law anywhere that states a property owner must be insured. If near is a mortgage on the property I can guarantee you that there is a clause stating that insurance for the full replacement efficacy at all times. However whether nearby is a mortgage or not it would be extremely prudent to be insured, unless ou are so financially secure that you could afford to spend several hundred thousands to cleave down the remainder of the dwelling, have the refuse removed and then restructure the house, all the while unloading no rental income, and not even notice it within your bank sketch? Along with replacing the dwelling itself in that is also the liability aspect to consider. What if the tenant is injured due to a defect that you ruined to rectify. Whether you are liable or not lawyers charge slightly a king's ransom to go to trial. Are you prepapred to compensate for that as well as any judgement awarded against you? if i owned a house i would insure it to the max
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Answers: Legally, no. By contract? Maybe.
If you're using a material estate agent, then they will require you to own property insurance, AND liability insurance, on that property, that you want them to manage.
If there's a LOAN on the property, next your contract with the sandbank will require you to carry property insurance.
But if you're managing it yourself, and there's no loan, next you don't have to insure it. If the place burns down or tenant vandalize it, though, there isn't any coverage, logically.
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There is no provincial statute or municipal by-law anywhere that states a property owner must be insured. If near is a mortgage on the property I can guarantee you that there is a clause stating that insurance for the full replacement efficacy at all times. However whether nearby is a mortgage or not it would be extremely prudent to be insured, unless ou are so financially secure that you could afford to spend several hundred thousands to cleave down the remainder of the dwelling, have the refuse removed and then restructure the house, all the while unloading no rental income, and not even notice it within your bank sketch? Along with replacing the dwelling itself in that is also the liability aspect to consider. What if the tenant is injured due to a defect that you ruined to rectify. Whether you are liable or not lawyers charge slightly a king's ransom to go to trial. Are you prepapred to compensate for that as well as any judgement awarded against you? if i owned a house i would insure it to the max
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