Any input is appreciated!
Last week one of my tenant runawy. The management agent (MA) inpect the property on 04/07/03 found no trace of the tenant.
I do have landlord insurance. The tenant have not pay his rent since 10/06/03. Now the MA organising the clean up for new leasing.
The leasing agreement expired 25/05/03 and from then one the tenant is leasing week to week.
Assume the property will be lease say 2 weeks from 04/07/03 ie. 18/07/03
Question:
1. I know I can claims from the insurance the lose of rent from 10/06/03 to 04/07/03, but can I claim during the vacancy from 04/07/03 to 18/07/03?
2. All the paint on the walls is not very good now. if I get professional painter to repaint the property, can I claims through the insurance?3. Carpets are in bad condition, if I get professional to change carpet, can I claims through insurance?
Thanks in advance
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$ One problem solved! $
$ Next problem arrive! $
$ $ $ $$ $ $ $I had a similar problem a few years ago….the joys of it.
My insurance paid for up to 6 weeks rent (if the tenants left before the expiration of the tenancy agreement and only up to the expiration of the tenancy agreement) and didn’t cover any vacancy following tenancy expiring.
It also covered any damage caused by the tenant (i.e. if they damaged the carpet and walls/paint, then it was claimable!!), but otherwise it wasn’t an insurance issue!!
Hope this helps – although it will depend on the terms of your policy and in particular what your entitled to when you only had a week by week agreement.
Good luck with it – it can be a nightmare getting these type of insurance claims through!!!
I also had a similar case last Christmas. The tenants partner left him and he could no longer afford the rent and simply left!
When the property manager called around to follow up after the Christmas break regarding the late rent she found a note explaining the situation in the kitchen, with the keys.
Fortunately the tenant was contacted and was happy for us to keep the bond, and the agent found a new tenant quickly for me. The numbers worked out that the difference (loss) was less than the $100 excess on the landlords insurance, so we let it slide. Phew!
I then learned soon after that the PM had not actually put the landlords cover in place when I first gave them the property, even though it was requested! I had not noticed it had never been done as multiple properties can be added to the policy (no longer the case unfortunately) so was not looking for it as an expense.
TIP: MAKE SURE YOU DOUBLE CHECK EVERYTHING YOUR PM DOES FOR YOU!!
Alana, Tas Investor,
Thank you for your invaluable informations.
Fortunately We still have $920 recovered from the bond. The PM informed me yesterday that they can claims all the lose of rented but still not too sure the vacancy periods afterward.
Thank you
Live with passsion
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