Re: Landlord insurance - Landlord Forum thread 361015

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

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.

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