Newcomer Who Is Responsible for Property Insurance?

[Maxx]

Hi everyone! I recently moved to Buenos Aires, so I need to get used to the rules, customs, etc. Here’s a question that came up, renting a standalone house (not a condo), is it typical for the tenant to cover property insurance?

 

[Blockchain]

Hi everyone! I recently moved to Buenos Aires, so I need to get used to the rules, customs, etc. Here’s a question that came up, renting a standalone house (not a condo), is it typical for the tenant to cover property insurance?

What are you wanting to insure? Your contents? In the USA we have property insurance that covers the property in case of fire/flooding/storms. And then contents like clothes, furniture, etc. I would assume there the owner has to insure their property if they want and you have to insure your contents.

 

[noname]

If that’s what’s stated in the contract, then you would need to pay it. However, generally, it’s the owner who should cover it, not the tenant.

 

[Betsy Ross]

The owner would need to get homeowner's coverage if they wanted it. Surprisingly many owners don't get any homeowner's coverage here. In the US mortgage companies and banks require insurance to get a mortgage but since there are almost no mortgages here and it's all cash, many owners opt not to get coverage since fires are rare here and we don't have earthquakes.

On my apartment I do have a homeowner's policy that covers fire, water damage if a pipe breaks and contents. But I think I'm going to drop content insurance as the prices really have gone up over the past year. My policy has doubled in price and I think the biggest risk is water damage if a pipe broke. Fires here are not common as they don't use wood framing here.

 

[anton]

It depends on the rental situation. For short-term rentals, you typically don’t need to worry about it. However, for long-term rentals, many property owners do require tenants to have fire insurance. It’s usually not very expensive, I'm currently paying 3,500 pesos per month for mine. It's a good idea to clarify this with your landlord before signing the contract to avoid any surprises.

 

[GraceH]

Fires sound like they are rare but I guess they do happen. Just saw this fire in Retiro in the news. Not sure something like that happens. Looks like the water tank.

https://twitter.com/x/status/1833896160852906405

 

[Uncle Wong]

Fires sound like they are rare but I guess they do happen. Just saw this fire in Retiro in the news. Not sure something like that happens. Looks like the water tank.

https://twitter.com/x/status/1833896160852906405

I saw that on Twitter today. How does a water tank catch on fire??

 

[Flamingo]

Fires sound like they are rare but I guess they do happen. Just saw this fire in Retiro in the news. Not sure something like that happens. Looks like the water tank.

https://twitter.com/x/status/1833896160852906405

Never have seen this type of thing. These water tanks are typically plastic. I'm not sure if it is the tank burning or something behind it that is flammable. Those flames don't look like just the plastic tank burning. It looks like something flammable is causing the fire. I would hate to see the next month's extraordinary expenses bill!