landlord insurance

April 8, 2015

Meth houses

Our daily interactions with Clients, peers, and prospects is always wickedly weird and unpredictable…. I got this text message from a friend of mine after he calls and I click ‘decline’ on my phone… Uh-Oh…..                 You can tell this isn’t going to be a good conversation ending well….                           Take Away:  When your Spidey-Sense goes into orbit, listen to it!!!
July 16, 2015

Sewer & Drain Backup Endorsements for Rental Properties

  Not exactly what you want to find in your house.  Definitely not what you want to hear about in your rental property. If you have a rental property with a basement, this is a reality that you likely will have to deal with, but there are ways to mitigate the risk as well as outcome. Two perspectives come into play here–that of the Landlord and that of the Tenant. (Standard disclaimer here before we get into the nitty gritty:  I’m not a licensed insurance agent and the comments below are not intended to be taken as providing such professional insurance advice.  Please contact a licensed insurance agent to discuss your particular situation.) Let’s look at the Landlord issues first… Make sure you replace your sump pump approximately every 3 years, even if it is functioning.  It’s a motor and moving parts.  Things break, wear out, get stuck.  Better to […]
July 8, 2016

In Case of Emergency, Part II….

So yesterday I posed this hypothetical question of:  “What would you do if your Tenant was incapacitated and a friend of theirs needs access to the property to pick things up?” (https://danbaldini.com/2016/07/08/in-case-of-emergency/) If your lease agreement doesn’t contain specific language and data to address this situation, you as the landlord or property manager are in a tough spot. Do you deny access to the friend or do you allow him access to the tenant’s personal property? How do you know he isn’t a scam artist? How do you know he is not perhaps an identify thief who happens to know the tenant is traveling out of the country and unreadable for a few more weeks? Fact is, unless you have protocols in place prior to this event happening, you simply don’t know and you are unprepared to deal with it appropriately. Not a fun position to be in, is it? […]
January 16, 2018

“MY INSURANCE CLAIM WAS DENIED”……oh crap!

Whether we like it or not, insurance companies are not your “friend” in the rental business.  Yes, they provide a valuable product and provide coverage for you when the proverbial “SHTF”.  But, they also limit their potential exposure to paying out claims. One method they use is to limit paying out claims when a home has been vacant for an extended period of time and a claim is filed.  If you are the unfortunate landlord or investor who has this occur, expect the insurance adjuster to do his best “Inspector Jacques Clouseau” to determine how long the home has been vacant.  They will research the mls for listing status changes, they will research utility records for usage or non usage, etc.  They WILL find out. So, a best practice is to make sure you know precisely what your policy dictates on this issue.  And yes, dictates is the appropriate word […]