Do you think you pay too much for tenant occupied property insurance?
Answer:
Yes.
Okay, Okay, you want a little more than that. You will need to check your policy for specific details of coverage. The coverage you need to see in your policy is Vandalism. However, much damage done by your tenants will not qualify for coverage under most policies. Insurance policies are designed to cover damage or loss that is sudden and accidental in nature. So if you tenant’s dog’s nails ruins your hardwood floors the cumulative damage is not sudden and can be excluded from coverage.
For damage to be considered vandalism the cause of damage and occurrence needs to be intentional and sudden. So, wear and tear would not be a covered cause of loss. Intentional damage that is caused over time also would not be considered sudden.
What are your defenses against damage caused by tenants?
Careful screening before leasing property is a key preventative measure. Make sure the lease limits occupancy as you determine your rules to be including, when lawful, to limit or deny children, pets, smoking, etc.
Make sure that you do have the correct protection. The most basic policies sold to landlords do not include this coverage. It makes sense to contact the insurance professionals at DRickard Insurance at insurance@drickardinsurance.com or 607-843-8860 for explanations and solutions to your insurance needs.
For more information and to find out if your tenant occupied property qualifies for the insurance policies we have found please contact us at insurance@drickardinsurance.com or 607-843-8860.
Click Here to send us basic information for an insurance premium indication.
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