A Good Reason For Landlords Insurance
There are many tenant horror stories, but here's a tale from the US which would
convince anyone that landlords insurance is a must when letting a domestic property.It would appear that this chap hadn't got sound landlord insurance, because a series of events unravelled which would horrify all those renting properties.
He spent some $4,000 fitting a new kitchen into his property which, he says, really lifted his property. Indeed, the tenants were so pleased, that when their lease was up, they took them it with them. A certain case for looking at the clauses within the landlords house insurance.
The landlord in question complained immediately to his lawyer this is America don't forget who in turn wrote a letter to the tenants demanding their return in two days time, otherwise they would be given the bill for the replacement. The outraged tenants unreasonably, as everyone would agree took offence at this and threw a brick through the lawyer's office.
The lawyer was equally offended and had the tenants arrested, but sought financial compensation from his client, the landlord. The latter received a bill for $90 for writing the letter to the tenants, but a far bigger bill of $1,600 for his broken window.
Had of course a landlords property insurance been in place, things would have been a lot easier, but then things really started to get out of hand.
The landlord, incensed that his lawyer found him at fault and was charging him not only the $90, but also the $1,600 for the broken window, went to another lawyer to dispute the larger bill. The first lawyer, who must have now been reaching breaking point, chose to take his anger out on the landlords truck and blew out the window with a gun. This ended with a brief spell in jail and then probation, likewise with his previous tenants.
The landlord points out that now he has two lawyers bills (one still disputed), one lawyer on probation and his tenants also avoiding further jail-time by agreeing to be on their best behaviour. He reckons that his total bill is about $12,000, which is more profit than he'll make on his property in two years.
The morale of the tale is simple: good landlords insurance would help solve such problems. Although it can't pretend to cope with every eventuality, it can be a great support and comfort when things start to unwind. And having good legal representation at the start when things can be usually stopped without escalating into further troubles, is vital. In that way, you might avoiding getting your lawyer taking pot-shots at your car, or tenants deciding to help themselves to the fixtures and fittings, and then finding it nearly impossible to get them back.
A Good Reason For Landlords Insurance
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