I got a couple questions for anyone to answer if you don’t mind.
Thanks a lot!
1. What is your policy on pets?
No pets. Period.
2. What kind of rental insurance do you use?
USAA Non-owner-occupied. The renters are strongly ecouraged to get their own insurance and I have a paragraph in the lease that they are informed that the landlord assumes no responsiblity for their personal belongings and should seek their own insurance.
3. When collecting rent do you ever allow personal checks?
Yes…always. But, if the tenants were to ever bounce a check, then it would become strictly money order or certified funds (never have had a bounced check)…
4. Have you ever gone to court due to a tenant suing? If so, what was your experience?
Nope…never has the '“pleasure”…
Keith
Serio,
I do allow pets, but we charge extra rent and an additional security deposit. In a difficult rental market like we have here in Ohio, accepting pets really improves the occupancy rate and brings in some extra cash. Obviously, I make the tenants sign a pet addendum.
I do accept personal checks. I had one check for $700 bounce, which is a FELONY in Ohio. The tenant was a manager at a major home improvement store. I called him at work and filled out the police paperwork to have him charged with a felony. He paid.
I have not had a tenant lawsuit yet, but narrowly missed one this summer. I was sued in one of my other businesses for $500,000. There was absolutely no basis for the lawsuit, but it took 2 years and $15,000 dollars in legal fees to win. Anyone can sue anyone, anytime, anywhere, for anything! Be protected.
Mike
USAA ??? I need to be more informed about insurance when it comes to rentals. I only have basic homeowners policy (fire) on one of my rentals. I’m going to call my insurance agent back. It’s being rented presently. I have a 2nd & 3rd that are both vacant at the present. The 2nd will probably be Sect 8 and 3rd will rehab and retail. What’s my best way to protect these properties covered by insurance.
Insurance agent spoke briefly about liability could be covered by my own home’s insurance. Any input would be greatly appreciated.
USAA is an insurance company for military officers (they recently started allowing senior non-commissioned officers, also)…
I insure against the normal stuff - fire, theft, etc. and use an umbrella liability policy over all of my properties…($1M)
Keith
1. What is your policy on pets?
Pets allowed, but must conform to my written standards (i.e., no Rhotweillers, Pit Bulls, dogs over 45lbs., nothing exotic like Boas, etc.). Also, I charge a $250 refundable pet deposit and a $200 NON-refundable fee.
3. When collecting rent do you ever allow personal checks?
Sure. I have a returned check policy in my lease agreement.
4. Have you ever gone to court due to a tenant suing? If so, what was your experience?
Not yet, but I heard it’s only time when landlording.
I use State Farm; getting insurance for rental is easy; you said you already have fire which should automatically include liabibility, rental loss and some other stuff. I also carry an additonal umbrellas policy that provides higher coverage on top of the regular rental property insurance