I've read several articles and discussions about how intentional damage from a Tenant is not covered under landlord insurance policies. I just received a policy from Statefarm and it also excludes intentional damage but I cannot find a way to cover it. Has anyone found an insurance company/product that will cover intentional damage caused by the Tenant?
Lender · PA · Member since 2016 · 214 posts · 140 votes
8y
@David Tate I'm sure more insurance savvy people will have a better answer but in quickly researching this, I think the key words you want to search are Tenant Vandalism insurance policies. It appears that standard insurance policies cover the residence of where the homeowner resides or lives in. So I guess the question is, are you also living in the house? Or is it a pure rental?
If solely a rental, you want to ask for dwelling fire policy coverage. This apparently covers intentional damage by a tenant - you'll want to confirm this with your insurance agent. Also, I'm seeing that in order to get proper support for a vandalism/intentional damage claim - a police report would need to be filed and charges need be pressed.
A way to feel a little more comfortable if something like this were to happen is having strict security deposits rules for the tenants to abide by.
Insurance Agent · Maitland, FL · Member since 2015 · 397 posts · 244 votes
8y
You cannot have that covered affordably on a guaranteed cost policy.
That’s your risk as a landlord. So manage your risk. Low chance a great credit score, decent security deposit, no eviction, no criminal conviction tenant causing such issues. Dealing with any of the above? Charge more for your risk.