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All Forum Posts by: Jeff Li

Jeff Li has started 1 posts and replied 3 times.

A quick update on this.  My insurance company has opened up two claims on my behalf.  1) Dwelling claim for damages to my unit.  2) Liability claim for damages to all other units. (since my tenant doesn't have renters insurance and my Condo declarations holds owner responsible)

At this point it doesn't appear I will be on the hook for any monetary loss other than my insurance deductible.  Thank goodness!  

For any one interested, I have one additional take away about the insurance claiming process.  Understand your owners/landlord policy inside and out and have your own idea of what should be covered.  It's a legal document and there is always room for interpretation.  The claim adjuster is representing the insurance company and will always try to get away with paying the least amount.  

My insurance company initially tried to deny damages to the common area, but when I pointed to the relevant section on my policy, they agreed to cover it.  I'm not even saying I was right in the matter; but adjusters have incentive to settle claims quickly.  So if you're prepared and push back, you have a good chance at getting a better settlement offer.  

Thank you everyone for your very detailed responses!  Very helpful.  I have filed a claim and will be working with my insurance company.

In somewhat of a breath of relief, I confirmed that I didn't change my policy and it is a landlord policy.  So I will be going through them.  

Will keep you guys posted.

First year landlord here.  I just found out that my tenant left the shower running all night while the bath was plugged.  Water overflowed to the floor, causing damage to my unit.  Not only that, this is a unit in a Condo building.  The water overflowed to the hallway, causing damage to the common area.  AND the water leaked all the way down, causing damage to multiple units in floors below.  At this point, Condo management is taking care of initial servicing and I'm going in Monday to assess the damage.  

Given my inexperience on a matter like this, I'm soliciting everyone's expertise here.  

1) How should I handle the liability with the building and other unit owners?  Through insurance company?  Through a lawyer?  Myself?

2) What kind of liability should I expect?  Is it enough to just repair the damage in the other units?  Or should I expect to be liable for more that that?  

3) Should I hire a lawyer to assess/protect my liability?  Tenant has admitted fault and building management will confirm that there is no piping issue that caused the overflow.  However, it's not in writing right now.  

4) How should I work with the tenant on this?  Even if he's at fault, I don't want to just leave him to deal with the other unit owners since I'm ultimately legally responsible for that unit; but should I make him financially responsible for everything, or can my Condo insurance be involved?  (He doesn't have renter's insurance)

5) One thing I'm concerned about is insurance.  I initially bought the unit for myself and had Condo insurance under my name.  After renting it out, I never converted it to a landlord policy.  Is that going to be an issue?

6) What kind of professionals should I be working with to help me assess and repair the water damage in my unit?

7) Any other suggestions on this matter would be much appreciated.

I have a feeling this is going to be a nightmare.  So thank you all in advance for your expertise!