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Old 08-16-2009, 12:41 PM
 
Location: Cleveland area
81 posts, read 198,815 times
Reputation: 48

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There's a lot of great info on the Landlord Protection Agency website. I just rented out my condo for a short term lease and decided registering on that site could provide me with all sorts of legal forms and info.I also signed up to be able to do credit checks on potential tenants. I am going to try to keep it up for sale as well, but if it does not sell by the lease end I will probably rent it out agin. Also, since the tenant only needed the place for 4 months the deal was that they would show the property - hope that goes well for me....
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Old 08-16-2009, 08:56 PM
Status: "October is the eighth month" (set 18 days ago)
 
Location: Just south of Denver since 1989
10,676 posts, read 28,486,584 times
Reputation: 6842
True story on why you need renters insurance.

Guy rented town home with an upstairs balcony. Guy grills hamburgers for lunch. Wind kicks up in the afternoon, afternoon showers are possible.

Guy takes a nap. Guy is awoken by a loud screeching noise. Not me. I hear the fire dept sirens all the time because my office is two buildings away from the fire station. Except this time they go right past my building. Huh? I walk out onto the patio and see the smoke. I ran over to the group of three townhomes fully engulfed.

No one but guy renting is home. Guy renting is sitting in the back of a paramedics truck with oxygen and a blanket covering his privates. Me and a handful of residents stand nearby and watch the building burn near to the ground.

Two residents were owners and got to live in the Residence Inn for 4 months while the insurance company paid to rebuild the townhomes. Naked guy was not an owner and did not get to live at the Residence Inn.

Naked dude had nothing. And he didn't carry insurance. So in the end he was still naked and didn't even have keys to his car, or clothes to work in. The Red cross helped him out for a while with clothes and a place to stay.

Every renter needs to have renters insurance. And every landlord needs proof.
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Old 08-18-2009, 10:35 AM
 
Location: Texas Hill Country, TX
62 posts, read 418,042 times
Reputation: 52
forgive me for being selfish, or greedy, but who cares if the naked guy doesn't have anything? In theory, a homeowners insurance should take care of loss to said home, and the renters loss of personal items is their own loss, correct?

I might be missing something and thanks for taking the time to help a new rentee learn the ins and outs...
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Old 08-18-2009, 05:26 PM
Status: "October is the eighth month" (set 18 days ago)
 
Location: Just south of Denver since 1989
10,676 posts, read 28,486,584 times
Reputation: 6842
The insurance company did not cover anything inside the house, they consider personal property.

No countertop, no cabinets, no tile, no tub, no toilet, no sink, no carpet, no closet door, no interior doors...

How happy were the owners when they found out that the renter didn't carry insurance?
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Old 08-18-2009, 09:57 PM
 
3,191 posts, read 8,034,551 times
Reputation: 2174
Quote:
Originally Posted by 2bindenver View Post
The insurance company did not cover anything inside the house, they consider personal property.

No countertop, no cabinets, no tile, no tub, no toilet, no sink, no carpet, no closet door, no interior doors...

How happy were the owners when they found out that the renter didn't carry insurance?

Didn't the owner have fire and dwelling insurance on the property, along with an umbrella or PIP policy too?
I do not understand your saying insurance didn't cover the inside components of the dwelling?? Who would insure a 'shell'??
Based on the insurance we've previously had on rental properties we would have been covered on the dwelling inside and out....but a stupid tenant without their own renter's insurance would have on their own as far as fire, robbery, etc....

maybe I am missing something?
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Old 08-19-2009, 03:37 AM
 
64,529 posts, read 66,075,955 times
Reputation: 42973
on a rental usually the distinction is drawn at the walls once you have a tenant unless you furnished the apartment and its your personal stuff and even then id check the policy to see if my own stuff in a rental was covered... an umbrella is usually liability only on events you caused
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Old 08-19-2009, 06:46 AM
 
Location: Cary, NC
31,592 posts, read 55,295,005 times
Reputation: 30150
The best reason for a landlord to force renters' insurance, if the landlord can, is because the $10,000--$20,000 liability insurance that comes with the policy will likely take the hit for a nuisance personal injury claim if a tenant's visitor trips and falls, etc.
Keep the claim off the landlord's policy or pocketbook.

The landlord might be wise to build it into the rent and make sure it is paid up.
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Old 08-19-2009, 07:49 AM
Status: "October is the eighth month" (set 18 days ago)
 
Location: Just south of Denver since 1989
10,676 posts, read 28,486,584 times
Reputation: 6842
It was a townhome. HOA provided insurance.

I always suggest to buyers that they get renters insurance (it's called content insurance) for owners in an HOA - wonder why?
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Old 08-19-2009, 11:37 AM
 
1,775 posts, read 7,201,945 times
Reputation: 777
One thing i might add a little off the insurance topic is make sure you have receipts for everything in your home you leave such as appliances, etc.

Our renters just moved out after we evicted them for non-payment for 3 months (we kept giving them a chance to get caught up trying not to throw them on the street as they did have a little boy) but when they moved out, our fridge went missing and our stove was busted on the top beyond repair. Police couldn't do anything unless i PROVED the furnishings were mine with a receipt. It would have to go to a civil court matter if i want anything done in return.
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Old 08-19-2009, 04:46 PM
 
64,529 posts, read 66,075,955 times
Reputation: 42973
heres a tid bit for you as well. always use a lease, if a tenent has no lease and dosnt pay the rent how are you going to prove what the rent was,


also heres something i confirmed only recently with my insurance company and its true... if you live in an hoa or development and there is a law suite against the development and the settlement is for more than the insurance the hoa has everyone is responsible to pay the damages over and above.


we have a 2nd home in the poconos in a gated development, we have atv riders sneaking in and security chases them out. we wanted to know what happens if someones injured or killed because our security chased them and the settlement was more than the hoa policy.... everyone in the hoa is held responsible for the money.

but heres the thing, most homeowners insurance and unbrellas wont cover you as they only cover events caused by you, not someone else .


some companies sell a rider to cover you but you must ask for it, geico my company dosnt offer it and said they didnt believe we would be covered either under the regular policies.


i suggest anyone in a co-op, a condo or an hoa check with your insurance company
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