Landlord’s Liability Issues
O.K., you are both diligent and cautious rental property owner who never rents out without having run a thorough background check on your applicant. You even always care to ask your prospective tenant to confirm in writing that he agrees to the terms of screening his personal background and always behave in compliance with the provisions of Privacy Protection Act, and you renting policy or standard hire/lease contract elaborates on just about any possible circumstance under which you could painlessly ask your tenant to move without risking of getting involved in a costly and time consuming eviction process, inevitably involving attorney fees that might cost you fortune.
But does that mean you are now completely safe? Probably not, if your check list doesn’t include renters insurance to cover your tenants things and his personal belongings just in case incident happens – something like theft, fire, natural disaster etc. Especially this is recommended if your search of public records associated with the pre-rent background check revealed your would be client has history of filing damage compensation lawsuits.
But even best of all would be to ask your renter that he first buys renters insurance policy to cover their furniture (in case they move in with their own), clothing, TV or entertainment system, personal computer, jewelry etc. and common loss situation types like slip-and-fall accidents including injuries or damages that might occur to their guests during visitations. Whoever buys it, a good idea would be to have it coupled with someone’s existing auto policy at discounted rates.