Simply Explaining Insurance #119- Landlord Risks
There are inherent risks to becoming a landlord. There are some things that you cannot foresee or plan for and I have a story to share, about a client going through a tough situation.
Essentially, my client, the landlord, got a call from their tenant about some water damage in the bathroom. A landlord policy has very similar coverage as a homeowners policy. It will cover fire, a burst pipe, an act of god and theft. It will exclude coverage for neglect, wear and tear and faulty installation.
In this situation, the client had been using the bathtub but the secondary drain was leaking for an extended period of time. This caused water damage and mold. Visible mold in the bathroom. This wasn’t reported to the landlord until the damage was rather severe.
The question is, is this covered and if so, on what policy. You will have to listen to the podcast to find out!
Links
Music by Roger Clyne and the Peacemakers
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