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There is a 'blood from a stone' aspect from lower income tenants. If they trash a house and cause six figure damages to your property, your not getting your mo
by novok 6y ago
There is a 'blood from a stone' aspect from lower income tenants. If they trash a house and cause six figure damages to your property, your not getting your money back, and typically landlord insurance does not cover intentional damage:
https://webcache.googleusercontent.com/search?q=cache:CoWtuCHJZL8J:https://www.allstate.com/tr/landlord-insurance/landlord-tenant-damage.aspx+&cd=11&hl=en&ct=clnk&gl=us&client=firefox-b-d https://webcache.googleusercontent.com/search?q=cache:CoWtuC...
Also people growing up in poverty experience higher stress, so the probability of them doing the 'going mental' thing is higher.
Many mom & pop and breaking even on a mortgage landlords cannot afford that kind of catastrophic loss.
- wolco 6y agoIf a rich person or rich person's kid cause this damage. Expect them not to pay and expect lawsuits. You have to be careful who you rent to. Sometimes someone down on their luck would make a much less demanding and better tenant overall. Be careful chasing away the poor because they actual need your place and may take better care.
- BeetleB 6y agoYou can get vandalism insurance. I don't know any landlord that does get it, though.
- novok 6y agoVandalism insurance doesn't necessarily cover intentional damage by tenants on a property. As a challenge, I would like you to find an landlord insurance policy that explicitly covers intentional damage by a tenant and a price estimate on the internet, because I'm having a hard time finding it!