Scope of the lease guarantee liability

Asked almost 2 years ago - 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 :)

Additional information

This is a personal residential rental agreement

Attorney answers (2)

  1. Steven Warren Smollens

    Contributor Level 20

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    Answered . 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... more
  2. Robert A. Stumpf

    Contributor Level 19

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    1

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

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