My question involves insurance law for the state of: New York
We plan to sign a lease tomorrow but tonight when reading through the rider we noticed a clause. It requires us to "insure the premises with a minimum of $500,000 in coverage." It also reads that coverage for fire or water damage must be included.
We have renters insurance for our current place but it's my understanding that this only covers our property and personal liability if someone visiting slipped and fell etc. Based on the limited information I can find it doesn't seem that I can insure someone else's property. However, I've read that I can add a flood rider to my renters insurance. Also, if the property were damaged and the owner of the house sued me doesn't my renters insurance cover me for that?
We are insured through USAA if that helps at all. I'm not entirely sure what she's asking us to insure but if it's her property I don't know if that kind of insurance is even possible?
Thanks in advance for any information that might hep clear this up.