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Law Pro
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 24870
Experience:  20 years experience in business law - sole proprietor, partnership, and corporations
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My Mom owns a rental property. She used the front space a

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My Mom owns a rental property. She used the front space a her beauty parlor before but she is now retired. She then rented that commercial space as a coffee shop to someone. Since she no longer have the beauty parlor, can she cancel her business insurance for this now?

I'm sure the coffee shop business owner have her own business insurance so it's just logical that my Mom should stop hers.

Please advise.

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The business insurance - it had nothing to do with property liability insurance - correct?

Does she have homeowner's or property liability insurance for the property?

Does she mandate in her lease that tenants have liability insurance?
Customer: replied 3 years ago.


She has homeowner's insurance and no she did not mandate in her lease that tenants have liability insurance.


 


I guess she has to continue paying her business insurance then?

No, just make sure that her liability insurance covers any potential problems.

The business insurance is inapplicable now because there is no business - she should cancel that immediately.

Homeowner's insurance is much, much cheaper than business liability insurance. She can increase her policy limits for $20 that would equal the business insurance payment of $300.

So she should immediately cancel the business insurance and just increase her homeowner's liability insurance.

In the future, she should mandate that her tenant's have liability insurance and have them give her a copy of their declarations page. Even nominal insurance would make a potential claimant go after their policy first - then your mother's.


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Customer: replied 3 years ago.


Thank you so much for your help.

You're welcome. Good luck!!


Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!

If you have any questions, about this or anything else, please ask for me, Law Pro, directly in the question and I will try to assist you as best I can.

For example, you would state, "This question is for Law Pro . . . (then on with your question).
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