Think a tenant’s home insurance doesn’t affect you? Think again.
There are plenty of things to worry about when it comes to tenants, but few landlords require their tenants to take out home insurance – many don’t even ask if they have it. But there are good reasons to ask.
What happens if your tenant, distracted by their phone, leaves the water running and floods their bathroom? Not only is there damage in the bathroom and to their own belongings, but it’s poured down into the unit below, damaging more private property. Not only are you looking at a hefty bill, you could be named on a lawsuit for damages, which will at least require a lawyer’s time if not more.
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