What insurance disclosures are required in the lease disclosure statement?
What insurance disclosures are required in the lease disclosure statement?
The lease disclosure statement should include the types, amounts, and estimated costs of recommended coverage, even if the lessor does not provide or pay for it. This ensures that the lessee is fully informed about all potential insurance requirements and costs they might encounter, allowing them to make informed decisions.
In most jurisdictions, lease agreements, especially those related to real estate and automobiles, often require the lessor (the party leasing out the property) to disclose information regarding insurance coverage that is provided as part of the lease. This typically includes: