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Scope of the lease guarantee liability

New York, NY |

I am guaranteeing a lease for a friend of mine. Is my liability limited to the extend of the lease payments or am I liable for things like damage, torts, etc?
What kind of insurance should I ask my friend to buy in order to cover myself?
Thank you :)

This is a personal residential rental agreement

Attorney Answers 2

  1. Best answer

    Dear scope of guarantee liability:

    The precise language in the guarantee will control. You should buy insurance because the guarantor is often left holding the bag. The renter must purchase a homeowner or renters insurance. You should be identified as a named "insured."

    Most attorneys would caution you to heed the maxim that no good wind blows toward a guarantor.

    The answer provided to you is in the nature of general information. The general proposition being that you should try to avoid a bad outcome if you can.

  2. IF you mean the "good guy guarantee" it means just the rent.