Landlord from Addison, IL · Member since 2017 · 55 posts · 5 votes
Two weeks ago, we've got a call from one of our tenants about gas leaking outside our property. We immediately called the service, they came and fixed the problem, and since there was not signs of gas leaking inside the building all tenants could stay in their apartments. Above situation actually make me wonder what if all tenants has to be evacuated from the building and need to go to sleep somewhere else, Are landlords or tenants themselves responsible to find and pay for their temporary place?
For a gas emergency? That's going to be all on you to solve, no matter how expensive it gets. This is one of the hugely expensive risks of multifamily that I just don't see that much discussion about here on BiggerPockets.
Two weeks ago, we've got a call from one of our tenants about gas leaking outside our property. We immediately called the service, they came and fixed the problem, and since there was not signs of gas leaking inside the building all tenants could stay in their apartments. Above situation actually make me wonder what if all tenants has to be evacuated from the building and need to go to sleep somewhere else, Are landlords or tenants themselves responsible to find and pay for their temporary place?
That'd be on the landlord. They are paying you for housing every day of the lease. You've got to provide them housing every day of the lease.
Some insurance policies can have tenant accommodations for such emergencies
I'd say investors would do better to forgo that additional rider. These things happen so infrequently that over the long haul you'll pencil out better to just pay it if it does happen vs paying for the additional premium & blowing a clean claim record on something other than a total loss.
Some insurance policies can have tenant accommodations for such emergencies
I'd say investors would do better to forgo that additional rider. These things happen so infrequently that over the long haul you'll pencil out better to just pay it if it does happen vs paying for the additional premium & blowing a clean claim record on something other than a total loss.
Yep , let’s face it they sell insurance for everything and anything these days . Personally I can’t stand Insurance companies
Some insurance policies can have tenant accommodations for such emergencies
I'd say investors would do better to forgo that additional rider. These things happen so infrequently that over the long haul you'll pencil out better to just pay it if it does happen vs paying for the additional premium & blowing a clean claim record on something other than a total loss.
Yep , let’s face it they sell insurance for everything and anything these days . Personally I can’t stand Insurance companies
I own one. If you owned one you'd like them a lot more. $$$$$$$
Some insurance policies can have tenant accommodations for such emergencies
I'd say investors would do better to forgo that additional rider. These things happen so infrequently that over the long haul you'll pencil out better to just pay it if it does happen vs paying for the additional premium & blowing a clean claim record on something other than a total loss.
Yep , let’s face it they sell insurance for everything and anything these days . Personally I can’t stand Insurance companies
I own one. If you owned one you'd like them a lot more. $$$$$$$
Are landlords or tenants themselves responsible to find and pay for their temporary place?
This is something that your tenants renters insurance may cover. You do require your tenants to have renters insurance, don't you?
I have wording in my leases that state if I have to pay for accommodations for the tenant, I will pay no more than 1/30th the monthly rent. They can stay at the Ritz if they like, but I'm not paying for it.
@Lena S. -- It's highly dependent on the state landlord/tenant laws. In Massachusetts, in the case of a fire or other similar instance where the property isn't inhabitable, the tenants can seek $750 in relocation fees. Landlord insurance policies must include the $750 relocation fee.
It's also very, very important for all tenants to have renter's insurance. There is a good chance that their renters insurance would have a benefit. Furthermore renter's insurance is cheap.
@Lena S. I’m assuming state dependent on the specifics on the have to’s or not. I have It in my lease agreements where I would cover tenant accommodation in case of emergency.
Thank you all for all the great ideas. I don't have renters insurance, I didn't know about such thing, I have to read more about it. Neither I considered my insurance may cover situation like this. At least you say it rarely happens, so I can sleep calmly. Thanks again BP posters!