Common use of Homeowner’s Insurance Clause in Contracts

Homeowner’s Insurance. During the term of this Agreement, Owner, at its sole cost and expense, shall carry and maintain adequate liability, property and casualty insurance on the Property. Such insurance shall have liability coverage in the amount of at least $500,000.00 per occurrence. Owner shall provide Rental Agent with a Certificate of Insurance stating that the insurance policy is in force and effect and cannot be cancelled without at least sixty days prior notification by the insurer. It is recommended that the Owner speak with its insurance agent about content, renters, and loss of revenue coverage.