Renting out properties can be a lucrative investment, but there are risks. Renting a property can come with risks, including the risk of damage caused by tenants. This could be expensive to fix and disrupt your income.
It is important for property owners to know the basics when filing an insurance claim after a tenant damages a rental property.
In Florida, most standard homeowner’s insurance policies cover damages to the structure and personal property inside. Florida’s rates for insurance are higher than other states because of the possibility that hurricanes could strike and there may be excess claims. Insurance covers a variety of damages, including weather-related damage. However, not all policies include tenant-caused damages.
Check the policy for any exclusions and limitations that may apply to damage caused by tenants. For some policies, an endorsement or additional rider may be required to cover such damage. Property owners can file a claim if coverage is available.
It is essential to thoroughly document any damage caused by a tenant when filing an insurance claim.
- Photograph or video the damage.
- Document all communications with the tenant about the damage.
Report the damage as soon as you can to your insurance company. Please provide all documentation required and assist the insurance company in its investigation. It may be necessary to allow an insurance adjuster access to the property in order to assess damage. After reviewing the claim, the insurance company decides whether or not to approve it. The insurance company will cover the cost of repairs up to your policy limit, less any applicable deductible.
Although dealing with damage caused by tenants to a Florida investment property can be difficult, having an insurance policy that covers all eventualities and knowing how to file a claim can help minimize the financial impact.
This post was written by Kelly-Ann Jenkins of Jenkins Law P.L. Kelly-Ann is a St Pete car accident attorney. She focuses on personal injury, car accidents, and bicyclist injuries. The information on this site is not intended to and does not offer legal advice, legal recommendations, or legal representation on any matter. Hiring an attorney is an important decision, which should not be based on advertising. You need to consult an attorney for legal advice regarding your situation.
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