It’s every property owner’s worst nightmare: you’ve rented out your home to tenants, they have moved out–but they’ve left you with a broken, hollowed out, destroyed home! All of the work you’ve done–wasted. All of the time and energy, every coat of paint you personally rolled on: gone, in just a short period of time. How are you going to get any of that back?!
What Home Insurance Won’t Cover
If you’ve been casually renting out one of your properties, you may not know the difference between home and landlord insurance. All insurance coverage is specific to the property, and there isn’t a great generalized guideline for what is and isn’t covered–you’ll have to check your individual policy.
In general, homeowner’s insurance:
- Protects from damage caused by fire, wind, lightning strikes, and hail.
- Earthquakes and floods require extra insurance, and are almost never included in the “basic” package!
- Protects personal property theft or damage.
- Within certain limits, your personal property can be replaced.
- Certain items need extra protection, like jewelry or artwork.
- Gives you liability coverage, if someone is injured on your property.
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- Protects the dwelling or property structures.
- Damage caused by fire, lightning, wind, and hail.
- Earthquakes and floods need separate coverage!
- Protects any personal property used to repair or maintain the property.
- I.e. lawn mowers, sprinklers, etc.
- Grants you coverage if a tenant or guest sues you for liability: ie, getting injured on your property.
- It will not protect your tenant’s belongings.
Guess what neither homeowner’s or landlord’s insurance covers, unless you’ve purchased individual coverage? Vandalism!
If You Don’t Have Insurance Coverage for Tenant Vandalism
You don’t have insurance, you don’t have the money to renovate, and you couldn’t possibly sell the house in this condition. Don’t worry! Galindo Group specializes in these kinds of houses! We’ll give you a cash offer for your house right away, allowing you to walk away in less than seven days. If you’ve experienced tenant vandalism, give us a call. Galindo Group would love to help you sort out this mess, and get rid of the stress! Call today for renovation services, real estate services, or for a cash offer!