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I showed a rental yesterday on N Popular Steet in North Massapequa. Across from the rental is what looks like a house torn down and there is orange tape and fencing around it. I asked the landlord what happened.
Apparently the tenant in the illegal rental in the basement accidentily burned the house to the ground with his cigarette. The insurance didn't give the owner a penny because there was an illegal rental in the basement. He got nothing. Nada. The land was sold to a developer for 1/3 of what the house was worth.
God forbid you have a basement or illegal rental in your home and something happens. Read the fine print on your insurance policy. You will NOT be covered if they see that second stove, kitchen etc. You stand to lose everything.
Landlords insurance is a policy to cover a property owner from financial losses connected with their property which they let out. Mainly a landlordinsurance policy will cover the building itself with the option of including the contents left within.
The policy will normally cover standard perils such as fire, lightning, explosion, earthquake, storm, flood, escape of water/oil, subsidence, theft and malicious damage. Each insurance policy is different and may or may not include all these items. Most companies will provide the option to have extra cover on top of what is considered the standard cover. This may be something like accidental damage, legal protection or rent guarantee cover.
Common differences in use of the phrase landlords insurance is buy to let insurance, let property insurance, rented property insurance, or property owners insurance.
Landlords insurance is a policy to cover a property owner from financial losses connected with their property which they let out. Mainly a landlordinsurance policy will cover the building itself with the option of including the contents left within.
The policy will normally cover standard perils such as fire, lightning, explosion, earthquake, storm, flood, escape of water/oil, subsidence, theft and malicious damage. Each insurance policy is different and may or may not include all these items. Most companies will provide the option to have extra cover on top of what is considered the standard cover. This may be something like accidental damage, legal protection or rent guarantee cover.
Common differences in use of the phrase landlords insurance is buy to let insurance, let property insurance, rented property insurance, or property owners insurance.
But Anthony, CAN you get that other kind of renters insurance IF you have an illegal rental in your home? This guy did.
If the apartment is illegal, it's illegal. You're NOT going to be able to get or collect on an insurance policy for doing something illegal..... My landlord's moron wife did some damage to the property... He thought he was Mr. Hot Shot "oh, my insurance will cover it". His contractor had to remind him that his entire HOUSE is illegal (a one family split up into a FOUR family) and that he better not contact his insurance company or they will cancel on him and he'll never be able to get homeowners insurance from anyone.
I don't even think a renter can get insurance on an illegal rental......
Gigi,
As a real estate agent, you may know the answer to this... As I said, my LL illegally converted a one family home into a 4 family home (upstairs, downstairs, garage, basement). How much trouble can he actually get into for this and what would happen to the tenants if he got found out (the neighbors can't stand him or his wife)
Gigi,
As a real estate agent, you may know the answer to this... As I said, my LL illegally converted a one family home into a 4 family home (upstairs, downstairs, garage, basement). How much trouble can he actually get into for this and what would happen to the tenants if he got found out (the neighbors can't stand him or his wife)
How much trouble he can get into depends upon what happens in the property. Say there was a fire and people died. He could end up with manslaughter charges. But, apart from the worst case, each town has their own regulations about illegal apartments. He is sure to face some hefty fines at the least. The tenants would be forced by the town to move immediately.
Can I have a "summer kitchen" in my basement with a 2 burner hotplate, We bought a home with stove and kitchen in the basement. But we removed the stove and put cabinets there. Does anyone know if this considered ok? I live in Smithtown
Can I have a "summer kitchen" in my basement with a 2 burner hotplate, We bought a home with stove and kitchen in the basement. But we removed the stove and put cabinets there. Does anyone know if this considered ok?
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