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kurt

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Posts: 137
Reply with quote  #1 

I am a small time landlord, but I had an unauthorized occupant get his ego bruised and by the time I had them all evicted he had done roughly $6,500 in damages to the place. I told my insurance company and they said if he was a tenant that they wouldn't pay. I thought I was covered with having rental insurance on top of regular homeowners insurance.. Nope it's a screw job, the only thing insurance companies will cover is the things they think will least likely happen.. What a scam.. So watch out and read your policies carefully.

kurt

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Posts: 137
Reply with quote  #2 

OK maybe I'm to hard on people who take my money for insurance.. I guess they gamble/insurance and betting on tenan damage is non profit.... But seems lousy and a waste, think of it, most often damage maybe even worst and insurance wont cover it... means landlord has to take it hard and if landlord cant take enant damage in bender than insurance gets off scott free and loan company goes after landlord not dirt bag tenant...

TheLandlord

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Posts: 7
Reply with quote  #3 
Kurt
In my experience, insurance companies totally behave in a ridiculous manner. I recently saw an interview with an insurance company executive who said, "It is our goal to pay the least amount possible, as late as possible."

I guess that's why there usually is a lawsuit (or threat of one) involved with a large insurance claim.

TheLandlord
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siberian

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Posts: 15
Reply with quote  #4 
I guess it depends. I havn't made a claim yet (and hope not to). But know of several people that have. They came out  pretty good (they did the work , not hired out, not sure if that makes a differnce). I would try to fight it with them.
Big clause in insurance that pertains to fixing it as it was or just replacment cost. May want to look at that
dolores90042

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Posts: 5
Reply with quote  #5 
I just inhereted property, two houses back to back, which were once nice but now have fallen into disrepair, they are not beyond hope, I am going to try to slowly fix them up, I live in one now.  My mother who owned them before her death, had insurance until 1971 and she had a small fire.  After that it was hard for her to acquire ins. and she let it drop, never having insurance  up to now.  Do I need insurance if I am going to rent one of the houses? I mean special kinds, other than regular fire insurance and homeowners? 

Also, moms had a living trust, what do I have to do to have the property in my name?  and...while I am on a role...is there any taxes I might owe from this inheritance?  I am on Social Security and don't do taxes anymore.  I don't want to be surprised by the IRS sometime down the line with late fees for ignorance...and/or stupidity...
Thank you for any help you can give.
Dolores


OHlandlord

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Posts: 3,737
Reply with quote  #6 
First off, you don't want home owner's insurance on any house that is going to be a rental.  You want a rental insurance policy (totally different).  A home owner's insurance policy may not pay off if the company reaizes the property was occupied by tenants when something happens to it.  Get home owners on the one you live in, rental insurance on the other.  Another good addition if you can afford it, is to have an umbrella liability policy to cover you in case of something happening to the tenants on the rental property.  This is optional though.

I am not very familiar with a living trust, an attoreny would have to advise you on this.  I doubt any taxes would be due on an inherited property unless it was a very expensive place.  Yours does not sound as if it is qualified. 

You may want to file an income tax form this year though, since the government is handing out special incentive checks this May.  (They are supposed to boost our economy!)  Even though you don't owe any tax, anyone who fills out the tax form will most likely be entitled to a special $300 check.  It would be worth it just to fill out a short tax form to get this money.  You would be qualified if you recieved $3000 from SS last year.  You can pull up incentive checks on the IRS internet site and get more info on this.


dolores90042

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Posts: 5
Reply with quote  #7 
Thank You OhLandlord!  I should have known that of course I would need insurance other than homeowners on the rental, what was I thinking?  Thank you for your advice and quick reply.  I went to the assessors office in downtown L.A. in hopes of getting a name transfer but of course, nothing is easy anymore, especially something that should be easy and cut and dried,  I am still running around trying but I will be successful sooner or later. I filed for my "stipend" from the IRS thanks to Bush. 
LandlordInsurance

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Posts: 1
Reply with quote  #8 
Landlord insurance can be confusing and we thought that we might shed some light on this topic.There are several things you can do to make sure you both insured correctly and saving the most money

1. Compare and Save with Multiple Companies
Just as you would your personal residence, a landlord can shop for better insurance rates. Check with other landlords in your area or a landlord association.  Using the Internet, you can save time and money when you compare landlord insurance. When you request information from a licensed insurance agent, you'll be able to compare with multiple companies. If you have an existing landlord insurance policy or just purchased an investment property, review your policy and shop the coverage and rates.

2. Raise your Landlord Insurance Deductible
Lowering your insurance deductible is often the easiest way to lower your monthly premium. Insurance companies typically recommend a deductible of at least $500, but many property owners don't choose to purchase anything less than $1,000 deductible. When you look at the numbers, you'll see that if you can afford to raise your deductible to $1,000, you may save up to 25 percent on your annual premium.

3. Combine Insurance Policies
Quite often, insurance companies that sell landlord, auto, homeowner insurance and liability coverage discount 5 to 15 percent off your premium if you buy multiple policies from them. Make sure the 'discounted' insurance premium rate is lower than buying the different landlord insurance coverage from different companies by comparing individual rates.

nfllifer

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Posts: 6
Reply with quote  #9 
I have insurance on all my properties. Insurance has replaced 4 roofs due to hail, and a 4 car garage due to fire.

I've had tenants destroy my units and never thought to turn that into insurance. I figure it's my job to screen the tenants, and sue/ collect, if they destroy the place.

Read your policy, I'm guessing it covers wind, fire, hail, etc, but not tenant damage. At least mine doesn't.

AndyP953

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Posts: 4
Reply with quote  #10 
yeah having tenants is a very tricky process - that definitely requires the right kind of insurance!  I'd suggest reading a few of the articles on http://www.homeownersinsurance.org before you ever rent your house out to someone!  There's also one on here that specifically talks about damage to your property from someone other than who owns and has insured it.... hope that helps and good luck with your situation! 
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Alanary

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Posts: 3
Reply with quote  #11 
Insurance is important in business, especially in goods shipping, and insurence against civil claims. However insurance for physical person's use can be justified only in few cases - e.g. if you live in really disastrous region or you have dangerous work.
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Bancroft

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Posts: 4
Reply with quote  #12 
The considerable term is get the best term plan from  most trusted Insurance provider along with powerful partner who can put you on the path to recovery and walk with you all the way.


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Fire Insurance Claims
jaden

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Posts: 8
Reply with quote  #13 
Hi,

Insurance is a risk management technique primarily used to hedge against the risk of a contingent, uncertain loss that may be suffered by those individuals or entities who have an insurable interest in scarce resources, by transferring the possibility of this loss from one interested person, persons, or entity to another.

Thanks..
repayments calculator

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Ajitallbey

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Posts: 47
Reply with quote  #14 
How a insurance will be a joke all saving money of person invested?

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financial planner virginia beach va
danielo

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Posts: 1
Reply with quote  #15 
Some great advice given in here, really helpful.  
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