Landlords know the woes of being uninsured or under insured. Properties being burnt down, or flooded often make the news. Tenants on the other hand are less informed of their liabilities and often that’s due to a “she’ll-be-right” attitude.
With more people forced into renting and renting for longer – more ‘accidents’ around the home are just a reality and the liability is often left with the tenants and anyone who may have been allowed lawfully into the property at the time the incident occurred.
A recent article on stuff.co.nz identifies a couple of incidents where the tenants were found liable for property damage – not the Landlord.
Thankfully the tenant involved in one of the incidents found out their contents insurance also covered damage to the rental property – phew!
The tenant involved in the other incident was not so lucky with no insurance and liable for costs running into the tens of thousands.
So what’s the lesson to be learned by all who rent a property? Get adequate insurance to cover your personal contents and that of the property you’re renting.
Assess the affordability of the property by including the cost of insurance.
If you can afford the rent but not the insurance and you accept the property, accept you’re also playing ‘Russian Roulette’. Do you really want to risk being liable for tens or even hundreds of thousands of dollars for someone else’s property?
Who wants to risk being liable for tens or even hundreds of thousands of dollars for someone else’s property?
This blog article was written for PropertyBlogs by Mobilize Mail.