 Landlord Tenant Insurance (by Patrick [VA]) Jan 9, 2021 3:14 PM
 Landlord Tenant Insurance (by Richard [MI]) Jan 9, 2021 3:28 PM
Landlord Tenant Insurance (by RR78 [VA]) Jan 9, 2021 4:43 PM
Landlord Tenant Insurance (by DJ [VA]) Jan 9, 2021 10:08 PM
Landlord Tenant Insurance (by Still Learning [NH]) Jan 10, 2021 4:11 PM
Landlord Tenant Insurance (by Patrick [VA]) Posted on: Jan 9, 2021 3:14 PM
Message:
The new Virginia Landlord Tenant Act of 2019 has the following:
A. 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, if the total amount of any security deposit and damage insurance coverage exceeds the amount of two months' periodic rent.
So I have never heard of this, but it looks like a tenant gets a type of bond, and pays for it. If the tenant does damage or doesnt pay rent, the bond steps in to cover the losses.
If I am reading this correctly, I would love to force tenants in to this type of set up. Responsible tenants would probably get coverage cheap and easy with a few years of rental history. The people that were evicted probably wont get coverage and therefore wont apply if the bond is a requirement.
Have any of you ever heard of this? --108.39.xx.xx |
Landlord Tenant Insurance (by Richard [MI]) Posted on: Jan 9, 2021 3:28 PM
Message:
There are several companies that provide this I think.
Lemonade dot ___ is one of them I think, but there are others.
As far as I'm concerned, it should be mandatory.
--75.7.xx.xx |
Landlord Tenant Insurance (by RR78 [VA]) Posted on: Jan 9, 2021 4:43 PM
Message:
My plan.
I still want tenants that can come up with a deposit.
But with the increased risk this past year.
I will require 2 months deposit. But do it this way.
I know most of my people cannot come up with two months in cash.
So I will be trying Rhino. 5.00 a month for 1K coverage.
That will cover 1 month. And require then to pay for 1 month.
So 2 months security.
Use the search on this forum and type in Rhino --73.40.xx.xx |
Landlord Tenant Insurance (by DJ [VA]) Posted on: Jan 9, 2021 10:08 PM
Message:
It might sound good on the surface, but if a tenant doesn't put up their own, hard-earned cash, there is not much incentive to follow the rules to get their money back.
AND, when there are damages, there is another layer of someone you need to convince that really do deserve to be paid. Insurance companies are in business to make money. They do this by collecting premiums and not paying for claims.
Do you know that (in VA) you can also require renter's insurance & get it on the tenant's behalf, & pay for it yourself (so you know it is paid up) with money they pay you along with rent every month? --68.229.xxx.xxx |
Landlord Tenant Insurance (by Still Learning [NH]) Posted on: Jan 10, 2021 4:11 PM
Message:
DJ, can you reference the statute or where to get information about paying for tenant’s renters insurance on their behalf? NH has a renter’s insurance bill proposed this legislative session. I have yet to read the text of the bill but depending on how it reads and whether as landlords we support or oppose how it is written, VA’s information may be helpful. --73.17.xx.xxx |
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