Posted: Sat May 10, 2008 1:11 pm Post subject: rental fire
MY recent 4-plex was completely destroyed by one of my tenants leaving something on the stove leaving a pile of ashes. No one was injured and the 4-plex was old and I had a policy with coverage of 222,000 but market value of 4-plex was 299,000 and my mortgage was 134,000. I don't want to rebuild what are my options? Thanks _________________ Register Now to have your Insurance queries solved.
You should have started a new thread. Hopefully this will be done.
You should require that your renters have renters insurance so that they can be responsible for their actions. In this situation you can make the case that they were liable for the damages as they should not have left something unattended on the stove (this might be a slight grey area and it really depends on the smaller details).
Your options... see if the tenets have any kind of insurance and if so, file a claim under their policy. File the claim under your policy and collect the $222,000 less $134,000 (your carrier will probably attempt recovery from the tenants but lacking an insurance policy probably nothing will happen).
Your options... see if the tenets have any kind of insurance and if so, file a claim under their policy. File the claim under your policy and collect the $222,000 less $134,000 (your carrier will probably attempt recovery from the tenants but lacking an insurance policy probably nothing will happen).
T scope don't the renters have to have their own rental insurance to cover their losses? Would he be responsible for their losses? Surely not.
