Author Topic: I want to rent out my garage - what about liability?  (Read 3100 times)

tod

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I want to rent out my garage - what about liability?
« on: November 06, 2013, 09:52:43 AM »
My bargain house came with a four car garage that I've planned to turn into a revenue source. Well, the time has come as my neighbor's boyfriend wants to store his boat and a motorcycle in my garage for the winter. Before I accept, I want to be sure that I'm free of liability in case of any theft or damage to his property. I've never been a landlord before, so I'm not sure what to do.

My homeowner's policy doesn't cover his property. What do I need him to sign to protect me in case of a loss?

Any help would be appreciated! They'd like to move in this weekend.

Greg

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Re: I want to rent out my garage - what about liability?
« Reply #1 on: November 06, 2013, 01:48:30 PM »
I'd ask your insurance agent about this.  You can probably find forms online to protect you.

KingCoin

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Re: I want to rent out my garage - what about liability?
« Reply #2 on: November 06, 2013, 03:30:37 PM »
You might want to use a storage facility contract/waiver as a template. They explore all sorts of eventualities related to damage, theft, what happens if the renter stops paying, etc. You might also insist that the renter has the items insured himself which lessens the likelihood he comes after you if something happens.

As Greg indicated, it's probably easiest (and free) to chat with your insurance agent about it. If you expect this to be an ongoing business, it might be worthwhile to talk to a low-cost lawyer just to make sure your bases are covered.