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Old 06-01-2021, 10:12 AM
 
1,723 posts, read 1,329,561 times
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I have a rental property currently available and had an insurance adjuster company reach out. They have a customer currently displaced from their home interested in a short term rental.

Anyone ever do this before? It looks like these companies pay a nice premium and it's pretty much guaranteed income. I'd of course screen the tenants like I normally do, but wanted to see if there's anything else I should know about.

Our rental only costs us $1000 a month but typically rents for $1,700 I think this company would be willing to pay us around $2,000 a month for a 3 month lease with month to month option after.
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Old 06-01-2021, 12:36 PM
 
Location: El paso,tx
4,020 posts, read 1,717,330 times
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I have, and would do it again in a heartbeat. They paid 1750 a month for a property that normally rented for 1250. Was supposed to be a 6 week rental, but lasted 4 months.
No damage from renters, pmt was directly from ins co.
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Old 06-01-2021, 02:22 PM
 
Location: North Idaho
27,704 posts, read 37,436,455 times
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I'd want to know why the tenants need a rental. I'm not taking them if they burned down their house.


I'd need more than a couple hundred extra to take a shot term rental and have to clean and fix and find another tenant in a couple of months. Especially if the short term tenants left me with a vacancy in winter when nobody sane is moving.
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Old 06-01-2021, 07:18 PM
 
Location: Phoenix, AZ
4,129 posts, read 2,252,034 times
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Quote:
Originally Posted by Fedupwiththis View Post
I have a rental property currently available and had an insurance adjuster company reach out. They have a customer currently displaced from their home interested in a short term rental.


Is the adjusting company guaranteeing the rent?
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Old 06-01-2021, 10:05 PM
 
Location: El paso,tx
4,020 posts, read 1,717,330 times
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Quote:
Originally Posted by adjusterjack View Post
Is the adjusting company guaranteeing the rent?
They (the company handling ins claim rental) paid it to me directly in my case.
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Old 06-02-2021, 07:26 PM
 
2,426 posts, read 1,187,433 times
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Quote:
Originally Posted by oregonwoodsmoke View Post
I'd want to know why the tenants need a rental. I'm not taking them if they burned down their house.
OTOH, there are many people who would rent to them if they WOULD burn down their place. That way, they could collect the full value of the insurance policy which may (in many cases) be more than the place is worth. Never UNDER-insure your investments. Insure them for replacement cost, not market value.
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