Insurance/Protection against Vandalism?

[Nir]

Hi All,

Basic question on home insurances: is there a way to protect ourselves against vandalism - a tenant destroying the property?

If I understand correctly, insurance companies do no include vandalism in their coverage(?)

What if a drunk/angry/bored tenant decides to destroy your property? a $30K damage can take more than 10 years to recover from a property that`s been damaged!

Hasn`t happened to me yet but it can happen to anyone. a person`s future behavior is not that predictable and unfortunately the more tenants we have the higher the probability it will happen to us once or twice.

Also, wonder if anyone has the statistics – average vandalism cases per year per 100 tenants? Average damage($)? Perhaps an interesting figure for REIN research team to estimate..

Thanks,
Neil

 

[rico67]

Hi Neil,
Years ago insurance companies used to offer tenant vandalizm to rental properties , but since in our new world with grow ops , insurers have now exluded in all rental policies, but some insurers will look at adding to your rental properties only if your primary residence is insured with them as well and certain conditions are met would they consider. Another coverage everyone should consider is rental income , how it works if there is a fire or a loss of a insured peril the insurer will pay your loss rental income for the vacant months due to the loss up the amount insured. On all my properties that is a manadory coverage I add and to all my clients as well .

Regards
Riccardo

 

[Nir]

Thanks Riccardo, good to know the option to insure against vandalism still exists.