Re: Terminate lease. - Landlord Forum thread 323711

Re: Terminate lease. by Garry (Iowa) on September 3, 2014 @09:13

Yes, all leases are considered canceled by/for both parties when a fire or a flood occurs that destroys everything, and makes the property no longer habitable by anyone. The Ts are responsible for the prorated rent up to the day before the fire/flood. And, yes, you must return their full deposit , and the portion of the rent which was paid, but unused, after the fire happened. If you are a really nice LL, you could return all their rent to them for that whole month. Unless YOU were negligent in some way, that could have started the fire, you are not liable for the Ts losses, whether they had insurance or not. That is what the renters insurance is for. The T could try to sue you, but he would have only about a 5% chance of winning. ( this is where you could maybe help yourself out by giving the Ts back their full month of rent ------ all of you have monetary losses, but the Ts have personal and sentimental losses as well. ) To be on the safe side, contact your insurance co. and also an attorney to be sure of your options and obligations.

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