All Forum Posts by: Cameron Moore

The treatment of insurance proceeds in tax returns depends on the specific circumstances of the case and the laws of the jurisdiction where the property is located. However, in general, if you received insurance proceeds as compensation for a loss, the amount received is not considered taxable income. However, you may be able to deduct expenses related to the repair of the damage, such as labor and material costs, as an itemized deduction if they are considered to be ordinary and necessary expenses incurred in the course of trade or business or in producing income.

It's always best to consult with a tax professional to ensure you're in compliance with the tax laws that apply to your specific case.

If a landlord notifies their insurance company of a tenant lawsuit (such as a slip and fall), the insurance company will typically handle the legal defense of the landlord. This typically includes appointing an attorney to represent the landlord in the case, paying for any legal fees and expenses incurred, and potentially settling the lawsuit if deemed necessary.

It is highly recommended as it can provide financial protection for landlords in case of various risks such as property damage, loss of rental income, and liability.

When shopping for landlord rental property insurance, you should look for coverage that includes:

• Property damage: This covers the cost of repairing or rebuilding the rental property in case of fire, storm damage, vandalism, etc.
• Loss of rental income: This covers the loss of rental income if the property is unable to be rented out due to a covered loss.
• Liability: This covers the costs of defending and settling any lawsuits arising from a tenant's injury or property damage on the rental property.
• Medical payments: This covers the costs of medical treatment for tenants or guests who are injured on the property.

Make sure to also compare policy limits, deductibles, and exclusions for each type of coverage when choosing a landlord rental property insurance policy. Be sure to find an insurance broker than can shop the whole market. 

Just make sure you give an insurance broker a chance. They typically have 4-5 flood options that they can compare as opposed to you calling 4 Captive insurance companies (Captive being USAA, STATE FARM, FARMERS, etc.) 

Yes, always require it. Landlord insurance does not cover their personal property or the relocation cost if they are to live elsewhere while a landlord deals with a major claim that keeps them from being able to access the property. 

McCaw property management without a doubt! @Kevin Coco-Senyszyn is the guy to work with as well. I’ve referred as well as done a lot of business with Kevin over there. Never had a bad experience! 

As a landlord, you have the right to seek reimbursement for damages caused by tenants, as well as for unpaid rent. However, in practice, it can be difficult to collect these funds from tenants who have little or no money.

In this case, you have several options:

1. Small Claims Court: You can file a claim in small claims court to seek reimbursement for damages and unpaid rent. However, it's important to note that the process can be time-consuming and may not be worth the effort if the tenants are unable to pay.
2. Security Deposit: If the tenants had a security deposit, you can use that to cover some of the damages. However, if the deposit is not enough to cover the full amount, you may still be responsible for the remaining balance.
3. Insurance: If you have landlord insurance, you can file a claim to cover the damages. However, you should check your policy to see if there are any exclusions or limits on coverage.
4. Screening tenants: You can also work with your property manager to improve the tenant screening process, to help reduce the risk of damages in the future.
5. Legal Action : You can take legal action against the tenants, but it's important to keep in mind that it can be difficult and costly to collect from tenants who have no money.

It's important to consult with your property manager and if you have any doubts about the process, you can also consult with a lawyer specialized in landlord-tenant laws in Indiana.

Just hire an insurance broker that can shop the many options for you and will not be partial to any one company. 

It is not uncommon for insurance companies to have strict requirements for certain types of homes, particularly older homes. It sounds like there may have been some miscommunication or confusion with the terms of your policy with Citizens Insurance.

It's important to speak with an insurance brokerto discuss your options. Some insurance companies will insure older homes, but the coverage and rates may vary. You may want to consider contacting a local independent insurance agent who can help you compare policies and coverage options from multiple insurance companies.

It depends on the specific details of your situation, such as the age and condition of your home's service lines and the likelihood of them experiencing damage or failure. In general, having service line coverage can provide peace of mind and financial protection if something does happen, but it also increases the cost of your insurance premium. It would be best to consult with an Insurance broker to determine if the added coverage is worth the cost for you.