Monday, May 19, 2014

This Week It’s All About Renters Insurance


This week we will have guest speaker Betsy Thomas with State Farm Insurance. Betsy will be with us to give us the details on Renters Insurance. It’s funny how I talk with landlords online in some towns where all of the landlords require renters insurance and others like Roanoke where it seems that very few landlords require it.

I guess we just haven’t been sold on the benefits of requiring it. In my lease it requires that all tenants get renters insurance but I haven’t taken any steps to ensure that they have.

I had a tenant one time that set one of my houses on fire. They denied starting the fire and said someone ran up to the house outside and started it. The fire started in the exterior wall and I suspect a boyfriend of the tenant started the fire who works as a volunteer fireman for the Hardy Fire Department. He was the one warming his hands on the fire when my upstairs tenants came down and saw it.

The tenant girl living in the house had the nerve to demand that I have all of her furniture professionally cleaned. I asked her where her renters insurance is since it is required in the lease. She freaked out and said that it wasn’t required in the lease and I told her to go read it. So that was the end of that discussion. Who knows if she sued me what would have happened.

I have also heard stories like this one from our members. There was a small leak in a member landlords plumbing. It was leaking into the basement. There was a very small puddle on the concrete floor. The tenant was subletting the house for storage by allowing a friend to store her furniture in the basement where the leak was. No water dripped on the furniture.

The tenant called a mold specialist in Roanoke and that mold specialist said that there is mold all over in the basement air and her furniture due to that little leak. The landlord had the leak fixed within a few days of being notified. The tenant sued the landlord and believe it or not, ended up winning based on that mold specialists scare tactics that were used to get a few thousand dollar mold remediation job done on the basement.

So, if the tenant had renters insurance, would the landlord still end up liable? I don’t know but what I do know is we should be able to get answers to questions such as this from Betsy at this weeks meeting.

So come on out and have some fun with like minded people in an educational environment.

See you there…

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