Updating your tenant lease

Consider some of these questions when looking at your rental agreement. Does your agreement consider recent court decisions that interpret self storage agreements?Depending on your answer to some of these questions, it may be time for you to consider updating your agreement.The provision would provide that the requirement to obtain insurance is a material condition of the agreement and that the failure to obtain such insurance would be a breach of the agreement.Certainly, the agreement should identify that the tenant has the right to be self insured, but that it assumes full risk for the loss or damage to its stored property.

Certain states will allow these provisions to be upheld. The language in the agreement would normally include statements that the property is stored at the "sole risk" of the tenant and that the landlord is not liable for the "loss of or damage to" the tenant's personal property due to burglary, mysterious disappearance, mold, mildew, fire, water damage, rodents, insects and acts of God.First, there should be a limitation of value provision which explains that the value of the property to be stored cannot exceed a certain amount (commonly ,000) unless previously approved in writing by the facility owner.Under this type of provision the facility would allow a tenant to store property with a value greater than ,000 if the tenant could provide proof of insurance for 100% of the estimated value of the property.No rental agreement is perfect, nor does it have to be.What a good agreement must do, however, is contain certain language that identifies it as a rental agreement as compared to any other type of lease.Another vital provision that should be included under the insurance section of the agreement is a waiver of subrogation.

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