Renting to Displaced Tenants Covered by Insurance

[Christopher DeFronzo]

Hi everyone, I have been contacted in the past when advertising units by agencies or insurance companies who are looking to place tenants or homeowners displaced by fire, flood etc.  In the past I have shrugged these calls off because they are usually not a good fit for the unit/property I'm advertising.

I currently have a condo in Fitchburg MA that is in a state of flux with multiple updates going on (siding, windows, front stairs) and a recent increase in condo fees by 33% to pay for the work.  I think this would be a good fit for a temporary tenant covered by insurance so I can list the place for sale in a year or so once the work is done. 

Does anyone have any point of contact for one of these agencies that tries to place tenants for insurance companies?  even the name of a few agencies that do this type of work or a good keyword to google to find some additional info.

Also if anyone has any recommendation on what to ask for when negotiating terms that would be especially helpful. I am thinking 150-200% of normal monthly rent with non refundable security = 1months rent and right to screen tenant prior to renting to them.  I would like to also set a minimum lease term of at least 8months as well.

If anyone has any info to point me in the right direction I would greatly appreciate it. Thanks BP community!

[John Mocker]

Christopher,
I think your best sources will be the local claims departments for Insurance companies that sell Home Insurance in MA. Check online for their phone numbers. When you call, ask for the Personal lines claim dept. One of the adjusters or managers should be able to tell you if there is a list or source that they would use.

For Agencies, you may find info on the Professional Insurance Agents (PIA) or the Independent Insurance Agents (IIA) websites.

[William Powell]

Like you I have been contacted and was considering placement of a tenant. I am wondering how is your search for direct insurance contacts going? Were you able to connect and gain a contract of sorts with your local Allstate, state farm, etc?