Do landlords normally get insurance that covers damages done by tenants?
Home Insurance
Question by Dilbert: Do landlords normally get insurance that covers damages done by tenants?
Best answer:
Answer by samantha
yes; that’s fairly common. however that does not absolve the tenant from liability for the damage.
What do you think? Answer below!
Tags: covers, Damages, Done, Insurance, Landlords, Mortgages, normally, tenant covered in landlords home insurance, tenant's
some do, but then some also put into the contract that a requirement is that the tenant purchase renters insurrance so it becomes the renters burden and not the land lord. having both would probably be best…
Most landlords do not have this kind of insurance because the deductible is high (around $ 5,000) and using the insurance will cause an increase in the premiums paid to the insurer.
The standard policy only covers damage due to accidental loss (such as fire) and theft. A landlord could add coverage for tenant damage, but it’s not common.
Even if the landlord has a policy that covers tenant damage the insurance company may demand that the landlord try to get the tenant to pay for damages and may go as far as suing the tenant or pressing criminal charges in order to extract payment.
If it is a home or an apartment complex by law the landlord must carry homeowners or liability insurance to protect the property from damages.
However, it does not cover neglect of tenants, that is what your security deposit is for. Now if you ran your car into the side of the building they would go after your car insurance company to pay for the damage. If your tub overflowed their insuance company would have to pay to repair the damage done from the flooding.
If damage was done by a tenants neglect then you can be sure that the landlord will go after you for the money.
Any land lord who DOES NOT have this insurance is a fool. However having this insurance in NO WAY alleviates the tenant of any liability for the damage that they do. That policy involves the landlord and the insurance company ONLY.
Insurance is only for structural damages, not general. Deductibles are from 5-10,000 anyway. If any tenant does that kind of damage you have to press criminal charges.
Normal damage is paid by the tenants.
No
They sue the tenant for damaging the property.
Sorry but there is no such insurance, everone is talking BS.