Insurance covering tenant damages

[Aaron Webb]

Hey guys, 

I have a friend who's getting moved by his job and is putting his home on the rental market.  His insurance company is trying to sell him insurance to cover tenant damages that is nearly as expensive, if not more expensive than his normal homeowner policy.  I have a 3/2 that I only a Fire and Tornado policy on.  I told him I check on BP for some backup, but that I thought the insurance company was trying to rip him off.  Does anyone have any thoughts?  Thanks in advance, AWebb

[Gilbert Dominguez]

That I know of most general homeowner policies will not cover you for physical damages your renters may or may not do, that is what the security deposit should be for. You might make it a practice to visit your rental properties every once in a while to stay on top of your renters caring for the property and not wait until you have a $30,000.00 expense. If you hire a PM make sure they will make periodic walk throughs or inspecitions but put that in your rental or lease agreements.