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Updated 6 months ago,
Insurance Agency to Pay Tenant's Monthly Rent
Hi BP Community,
I have a short-term rental (previously Airbnb) that I turned into a long-term furnished rental because the neighbors house was damaged by a storm. Unfortunately their home was a total loss due to a tree falling, so I have agreed to rent them my STR as a long-term furnished rental while their home is being rebuilt. Insurance has paid the rent. At first, we only signed a 3-month lease with them until they figured out the next steps, but now they are needing to extend a full 12 months (approved by insurance). My lease states that the tenants are responsible for the payments as a typical lease would, but should I make amendments since the insurance agency is actually responsible for the rent? The security deposit is paid by the tenant.
What kind of changes should I make if any?
Located in Arkansas.