I wanted to know if any landlords see value in having a home security system on a rental property? Obviously the renter would have their own codes and etc, but owner holding the master codes and paying the monthly bill. Could it bring a added level of security that could raise the rent 10-20 bucks a month? I have also heard it can reduce home owners insurance by 10-20% if thats true i could pay for itself and just increase ever so slightly the cash flow. Has anyone had any experience this being the case lowering rates? The main expense would being the install which could be a couple hundred bucks and monthly ranges like 30-50 per month. Any feedback would be great.
Calling Orlando, Florida, Winter Park, Kissimmee, Clermont, Lake Mary, central florida area
The only time it's worth doing this is if the property is in an unsafe neighborhood where it's the market norm and is priced in to market rent- or adding it commands a significant increase in rent.
It is probably not worth the cost. Although interestingly enough I just had a tenant who works at ADT security move into one of my units, and he asked if he could install a security system.
I wouldn't do it. It's another thing that's going to break and require maintenance, especially in rougher neighborhoods (where security is an issue).
On higher end, luxury rentals, it could be a nice feature though those types of tenants probably won't have any problem just paying it themselves.
Be very cautious about this. Speak to a lawyer before proceeding. If you select and pay for the security system you may be held responsible if it fails. What if someone breaks in and the alarm is never triggered or it is triggered and the security company never calls the cops? What if the cops don't respond? What if your tenant is beaten or worse? Your system failed. Did you promote the security system as a feature? You may be sued and be held responsible. We live in a litigious society. I considered this at one point but my lawyer urged me not to pay for a system.
My solution was to let my tenant choose the provider, install a system,and pay for it themselves. The security companies are not supposed to allow tenants to order the service but I only had one company refuse to provide the service without my permission. Once I gave permission as the owner they did the installation in my tenant's name
I used to give all my tenants a fire extinguisher when they moved in. I got a great response to this. I got to show my tenants how much I cared for them. I stopped doing that for the same reason. If the tenant should reach for the fire extinguisher I gave them and it failed to operate for any reason I could be held liable for their losses or injuries. What a Country.
- "I used to give all my tenants a fire extinguisher when they moved in. I got a great response to this. I got to show my tenants how much I cared for them. I stopped doing that for the same reason. If the tenant should reach for the fire extinguisher I gave them and it failed to operate for any reason I could be held liable for their losses or injuries. What a Country."
Wow. In Calif with a licensed MFU 5+, the fire marshal requires working CO+Smoke detectors and annually replaced extinguishers.
In 2013 a cigarette lit the couch on fire and we suffered $95k damages. The fire report clearly stated Operational Smoke Detector and Extinguisher were present. No liability fell to me and Farmers Ins, paid off without a hiccup .
@J Beard, in my situation (a SFH with no legal requirement to supply a fire extinguisher) it was explained to me that I would be voluntarily incurring a liability should the equipment I supplied fail. It was always unexpected when I gave the fire extinguisher (often at lease signing/move in) and never failed to get a great response. I gave up the practice reluctantly.
Required or not, get a lawyers and insurance underwriter to comment in writing. I see the absence as voluntary negligence :sigh:
I always urge my tenants to get a fire extinguisher but I no longer buy one for them.
solid points everyone, especially about being held liable for something so simple and helpful. Usually the systems are under warranty if the company is worth a darn, but point taken. Seems like its a NO go. Thanks for quick response.
@Ceasar Blackman thanks for sparking this conversation. I never would have thought attempting to help a tenant out like this could be a legal concern. Learned a lot from this thread!