Today I have an excellent tip for landlords of all sizes. Whether you rent out your basement or a 3-level apartment with 50 suites – this is for you. Are you ready?
MAKE SURE YOUR TENANTS CARRY INSURANCE!
Here are two reasons for making sure they do;
1.) If you don’t, you’re likely assuming liability for the actions of your tenants which could mean lengthy hassles and lawsuits from 3rd parties through no fault of your own.
2.) If your suite should have a water damage claim, your coverage as a landlord doesn’t cover the expense of removing and documenting the tenant’s property. So what happens then? Well, you either wait until the tenant removes all his or her belongings or, you remove it at your own time and expense and try to recover it from your tenant – and we all know how well that usually goes.
Waiting for the tenant means valuable time is lost that could have been spent preventing further damage and getting the suite restored and rented again.
So do yourself a favour and make sure it’s a condition of renting or leasing. Give us a call and we’ll be happy to help you put together the insurance requirements in your next lease or rental agreement.