 Damage Insurance? (by Patrick [VA]) Jul 12, 2019 9:02 AM
 Damage Insurance? (by Oregon Woodsmoke [ID]) Jul 12, 2019 9:32 AM
Damage Insurance? (by Sisco [MO]) Jul 12, 2019 10:32 AM
Damage Insurance? (by Richard [MI]) Jul 12, 2019 11:47 AM
Damage Insurance? (by Landlord ofthe Flies [TX]) Jul 12, 2019 2:00 PM
Damage Insurance? (by Landlord ofthe Flies [TX]) Jul 12, 2019 2:02 PM
Damage Insurance? (by DJ [VA]) Jul 12, 2019 2:03 PM
Damage Insurance? (by RR78 [VA]) Jul 12, 2019 8:50 PM
Damage Insurance? (by Tim [CA]) Jul 12, 2019 9:44 PM
Damage Insurance? (by DJ [VA]) Jul 13, 2019 7:53 AM
Damage Insurance? (by Patrick [VA]) Posted on: Jul 12, 2019 9:02 AM
Message:
Anyone familiar with "Damage Insurance"?
The new Va Landlord Tenant Law has a clause that states:
A landlord may require as a condition of tenancy that a tenant have commercial insurance coverage as specified in the rental agreement to secure the performance by the tenant of the terms and conditions of the rental agreement and pay for the cost of premiums for such insurance coverage obtained by the landlord, generally known as "damage insurance." As provided in § 55.1-1200, such payments shall not be deemed a security deposit, but shall be rent. However, as provided in § 55.1-1208, the landlord shall not require a tenant to pay both a security deposit and the cost of damage insurance premiums
Anyone familiar with this? If this is some type of insurance that will cover tenant filth and damages at move out, I may start to require this instead of the security deposit. --70.184.xxx.xx |
Damage Insurance? (by Oregon Woodsmoke [ID]) Posted on: Jul 12, 2019 9:32 AM
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Its hard to imagine anyone providing that sort of insurance, but maybe call your insurance agent and see what he can find about it? --98.146.xxx.xxx |
Damage Insurance? (by Sisco [MO]) Posted on: Jul 12, 2019 10:32 AM
Message:
This sounds like it could become a very powerful screening tool. Also, a dynamic pricing system....higher risk- higher rent to pay the higher premiums.
--72.172.xxx.xx |
Damage Insurance? (by Richard [MI]) Posted on: Jul 12, 2019 11:47 AM
Message:
I like the idea but I would like to see examples of where it was used and how it worked out for the landlord. --172.222.xx.x |
Damage Insurance? (by Landlord ofthe Flies [TX]) Posted on: Jul 12, 2019 2:00 PM
Message:
It's would be a brilliant idea if they tie the insurance eligibility to the tenant and not the landlord. Sure, the landlord buys and maintains the policy but if the insurer keeps records of tenant damage claims attributed to tenant and not landlord then I'd buy it for this reason alone. It's like a tenant-based clue report.
Think about it, it could serve as a blacklist. Instead of rent, the landlord charges rent plus prorated payment of insurance. If the tenant is ineligible for coverage, the landlord could deny based on uninsurability. Or if they were insurable but at a high-risk amount, the rent/insurance would be discouraging. If a tenant damages a rental, resulting in a claim, they could find themselves banned or outpriced from any landlord that uses that insurer.
--108.69.xxx.xxx |
Damage Insurance? (by Landlord ofthe Flies [TX]) Posted on: Jul 12, 2019 2:02 PM
Message:
Most landlord policies cover accidental damage caused by tenant, not deliberate or neglect. --108.69.xxx.xxx |
Damage Insurance? (by DJ [VA]) Posted on: Jul 12, 2019 2:03 PM
Message:
It means we can collect and pay the premium for the tenant's renter's insurance - so we know it is paid. --68.10.xxx.x |
Damage Insurance? (by RR78 [VA]) Posted on: Jul 12, 2019 8:50 PM
Message:
Had heard just a little. But not anyone using it.
If you can get the tenants to pay the extra high premium.
Just raise the rent by that amount instead.
And self insure. You should come out way ahead. --73.152.xx.xxx |
Damage Insurance? (by Tim [CA]) Posted on: Jul 12, 2019 9:44 PM
Message:
It sounds like a surety bond. You can require either a deposit or s aurety bond.
--64.160.xxx.x |
Damage Insurance? (by DJ [VA]) Posted on: Jul 13, 2019 7:53 AM
Message:
Oops! My bad. That's another clause. We can collect the renter's insurance premium, but this is different - like you said, in place of security. --68.10.xxx.x |
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