Rental House Fire (renters, personal property, record, liable)

[Ultrarunner]

Originally Posted by SXMGirl

Ultrarunner, I never even thought about the insurance being cancelled. Not to be nosy, but did you sue your tenant? Are you still renting your property?

Always glad to share an experience if it can help someone...

My insurance company paid for all but my $1000 deductible...

I secured replacement insurance at a higher cost... I still can't understand how my original Insurance Company, one that I've been with many years with multiple policies and never a claim justified cancellation on 10 days notice...

The official explanation was my house no longer met revised underwriting.... I did complain strongly about 10 days not being enough time to find new insurance and was granted a 30 day extension provided I return the cancellation premium refund check they sent with the 10 days notice of cancellation.

Suing my tenant would not have helped my bottom line because there was nothing to really go after and they were already facing Bankruptcy due to the fire...

The lawyer she worked for contacted me and I explained the situation... he said that he understood and I never heard from him again.

Their deposit was able to offset most of my out-of-pocket expenses and I believe it's better to leave amicably when possible and that's how we left it.

The home has been rented to 2 families since with the last one still there.

[SXMGirl]

We have a $500 deductible with full replacement value. In this small town, I think my tenant knew this info before I did. Anyway, I have made all of the mistakes. I now need some advice on the right way to rent out this house. I was thinking maybe teachers or hospital personnel. This is a two bedroom house with two master suites.

[sonarrat]

Originally Posted by SXMGirl

We have a $500 deductible with full replacement value. In this small town, I think my tenant knew this info before I did. Anyway, I have made all of the mistakes. I now need some advice on the right way to rent out this house. I was thinking maybe teachers or hospital personnel. This is a two bedroom house with two master suites.

Good credit, no evictions or serious criminal record, and require renter's insurance.. that's what professional apartment complexes do.

[SXMGirl]

Thanks for the info. I will do better next time.

[RebeccaLeigh]

Just a note evan if he had renters insurance, it would not cover the hourse, renters insurance only covers the renter's belongings. The owners Homeowners policy covers the house and you should contact your insurance company any time you are renting out a home. Also you insurance company only has to repair your home to it's former condition, so if you want upgrades like hardwood, you have to pay the difference. They would cover new carpet and **like appliances**, if you want appliances that are more upgraded again you pay the difference.

[RebeccaLeigh]

I apolagize for the bad spelling.

[aragx6]

^^But it's also not true.

Renter's insurance covers the renter's belonging and it pays out when the tenant is at fault for something.

That's why landlords often require it. They don't care about your possessions, they care about their property.

[Ultrarunner]

Originally Posted by RebeccaLeigh

Just a note evan if he had renters insurance, it would not cover the hourse, renters insurance only covers the renter's belongings. The owners Homeowners policy covers the house and you should contact your insurance company any time you are renting out a home. Also you insurance company only has to repair your home to it's former condition, so if you want upgrades like hardwood, you have to pay the difference. They would cover new carpet and **like appliances**, if you want appliances that are more upgraded again you pay the difference.

All of the renter's policies I've seen... and that's been only a couple, provide some coverage liability on the tenants behalf.

Could vary from policy to policy or area.

[SXMGirl]

We do expect to pay for some upgrades and now I am expecting to have our homeowners policy dropped. I did notify the company before I rented the house out and they only recommended renters insurance for the tenant.

[sonarrat]

Originally Posted by Ultrarunner

All of the renter's policies I've seen... and that's been only a couple, provide some coverage liability on the tenants behalf.

Could vary from policy to policy or area.

Even the most basic renter's policy I've ever seen had $100K liability. I have $500K liability because I live in a large apartment building and it's not that much more, less than $400/year. If the tenant who caused the fire last September had insurance like that, she probably would've been able to stay in her home.