Landlord insurance - Landlord Forum thread 361014

Landlord insurance by courtney on December 18, 2020 @03:28

My insurance company sold me a Fire and Casualty plan that covers the building itself (and other structures on the property, such as sheds or fences) if there's damage from a fire, lighting, wind, hail or another covered loss. They said that is the ONLY type of insurance that a landlord can purchase? Is that true? Also, what would happen if a tenant destroyed the property on purpose? is there any type of insurance that covers vandalism? Thanks for your help.

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Re: Landlord insurance by Garry on December 18, 2020 @08:50	[ Reply ]

There is other insurance out there, but YOU can't buy it. It's called RENTERS insurance, and only a tenant can buy it. Those policies have their own set of covered losses, too. It's meant to cover things that a tenant ACCIDENTALLY does to your property, not something they INTENTIONALLY did to it. Your homeowners policy, or their renters policy MAY cover vandalism, but only if it's caused by someone else NOT associated with either you or you tenant. If a tenant destroys parts of your property on the way out the door when you evict them, you will need to sue the tenant in court to try to collect for the damages done. No guarantee on winning/collecting, and no insurance will cover your losses. At that point, all you can do is take the losses off your tax returns.