Renters insurance

3 Replies

A property I am managing had flooding in the upstairs bathroom and leaked into the down stairs bathroom, hallway and Kitchen. Would have been a nightmare to repair but thank good it was covered by insurance. $15k of damage will only cost us $1000 deductible and weeks of annoyed tenants. 

In the process I have learned much about restoration, plumbing and flooring and creative ways to keep my tenants happy while thier home is torn apart and repairmen in and out all day. Most important things I learned are to communicate with tenants and if you have the aptitude, take care of small projects yourself. It reduces expense and build relationships with the tenants.

Did you carry the insurance or did your tenant? I've lived in properties that require tenants to carry renters insurance but have always wondered if the landlords actually rely on this or still carry their own. Thanks for sharing

Originally posted by Account Closed:

Did you carry the insurance or did your tenant? I've lived in properties that require tenants to carry renters insurance but have always wondered if the landlords actually rely on this or still carry their own. Thanks for sharing

Not sure, but I think the OP means "rental insurance", as in hazard insurance on his rental.  Renter's insurance is for personal property of the tenants and is purchased by the tenants.  It doesn't cover property damage or pay any claims to landlords

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you